Six groups log on to PlusFunds.com
Six major asset management groups have started using the PlusFunds.com hedge fund platform, PlusFunds.com says. Banque Nationale de Paris, Credit Suisse First Boston, Chase, JP Morgan, Mitsui & Co and Nomura all say they had adopted the internet site.
PlusFunds.com, say its providers, is the first independent marketplace for the global hedge funds industry. It provides real-time valuations in combination with independently verified and published risk measurements provided by Standard & Poor’s.
So far, 43 funds which represent around $20bn (E20bn), have agreed to join the PlusFunds.com platform.
Christopher Sugrue, chief executive officer of PlusFunds.com, says financial institutions have initially been attracted to the platform because of its robust real-time accounting engine and the ability to look at the risk side of the hedge fund equation.
But the secondary market trading of hedge fund shares has offered them something new, he says – the ability to create and offer a basket of hedge fund products which will supplement or rebalance their private investor clients’ existing portfolios.
The site operates in 10 languages and is free of charge for accredited investors, PlusFunds says.