Burgan Bank to Distribute PlusFunds' SPhinX Program in Kuwait.LONDON, February 15 /PRNewswire/ --
- Selects the S&P Hedge Fund hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" Index and PlusFunds for Exposure to Hedge Fund Market
Based on its strategy to keep providing the best local and international financial and investment products and services to its clients, Kuwait-based Burgan Bank (http://www.burgan.com) today announced that the financial institution has teamed up with New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of City-based PlusFunds Group, Inc. (http://www.plusfunds.com) to distribute funds that are designed to track the S&P Hedge Fund Index (http://www.sp-hedgefundindex.com).
After exploring and researching many hedge fund index alternatives, Burgan Bank concluded that the needs of its clients are best addressed by PlusFunds' investment program and the S&P Hedge Fund Index, which reflects diversified exposure to hedge-fund investment strategies and benefits from transparency, effective risk management and Standard & Poor's rigorous manager-selection discipline.
Burgan Bank has received regulatory approval to offer PlusFunds' products and sees strong demand for these products in Kuwait among both institutional and governmental investors.
Mr. Jonathan Lyon, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Burgan Bank said, "PlusFunds' assets under management are approximately US$2.7 billion. This agreement further enhances Burgan Bank's position in Kuwait as the leading provider of index-linked hedge fund investment products. The design of the Index and PlusFunds' operational platform support daily net asset values and advanced risk management reporting, allowing us to provide our clients with far more visibility into alternative investments than was previously possible."
Mr. Lyon indicated that Burgan Bank is continuing to pursue its open architecture strategy of identifying and introducing best-of-breed products that can address the varied needs of its clients, while still taking into account their individual risk tolerances and time horizons. Burgan Bank believes that, under certain market conditions, well designed, calibrated exposures to hedge fund investment strategies, such as those characterizing the S&P Hedge Fund Index, can help diversify an investor's portfolio.
Diego Winegardner, Vice-Chairman of PlusFunds Group, Inc., elaborated on the successful partnership: "We are delighted that Burgan Bank has chosen the S&P Hedge Fund Index as the index of choice for the Kuwait market. As we continue to expand our global reach, this initiative with Burgan solidifies our position as a leader in this important Middle Eastern market, allowing us to meet this region's growing demand for alternative investment products."
Important Note: An investment in any hedge fund involves a high degree of risk and is suitable only for sophisticated investors who can tolerate such risk and do not require a liquid investment.
This material is intended for informational purposes only and does not constitute investment advice or a recommendation or an offer or solicitation, and is not the basis for any contract to purchase or sell any security or other instrument, or for Burgan Bank to enter into or arrange any type of transaction consequence of any information contained herein.
"Standard & Poor's", "S&P Hedge Fund Index" and "SPhinX sphinx (sfĭngks), mythical beast of ancient Egypt, frequently symbolizing the pharaoh as an incarnation of the sun god Ra. The sphinx was represented in sculpture usually in a recumbent position with the head of a man and the body of a lion, " are trademarks of The McGraw-Hill Companies and have been licensed for use. S&P does not sponsor, endorse, sell or promote any SPhinX vehicle.
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