Printer Friendly to Launch Platform to Report Daily Returns for Hedge Funds.

Business Editors

In the wake of Manhattan Fund losses, new platform will set

standards for industry


Tuna Group, LLC and (, the only Internet site that provides detailed free listings of hedge fund information and performance data, announced today that it will launch a Web-based platform to report daily returns of hedge funds, significantly impacting the way the hedge fund industry operates.

&uot;Traditionally, hedge funds report performance to investors on a monthly basis,&uot; said Alex Shogren,'s CEO and founder. &uot;We hope to change this. Daily reporting will provide a comfort level to significantly more sophisticated investors from around the world, allowing for an unprecedented flow of new capital.&uot;'s Web-based daily reporting platform will be available to its membership base that exceeds 7,000 sophisticated investors from around the world. Brokers will provide electronic feeds of gains/losses directly to This structure will have a built in system of checks and balances whereby the broker, administrator, fund manager and even investors

will be notified if gains or losses fall outside of a certain range.

More frequent reporting will signal any irregularities of the fund. The system is designed to allow for reporting data on a regular, but flexible basis, depending on the timeframe that best suits the strategy of the fund. For instance, investors in funds such as mortgage and credit-backed funds, are better served with weekly or bi-weekly reporting, while other funds would benefit from daily reporting from the brokers.

&uot;Misrepresentations of the Manhattan Fund and its subsequent collapse should be the catalyst which shocks our industry into self-regulated standardization which will lead to dramatic future growth,&uot; continued Shogren. &uot; feels compelled to be proactive in spurring this change. Our new system will revolutionize the industry, making it nearly impossible for a fund to repeat the misrepresentations of Manhattan because managers who choose to participate will not have the ability to manipulate the data reported to investors.&uot;

Unlike any other system currently available,'s new platform will list domestic and offshore funds alike, and in addition to daily returns, it will provide risk/quantitative analysis of the daily numbers (Sharpe ratio, alpha, beta, R^2, etc..), daily reporting of assets under management, charting, benchmark analysis, and other features that will give investors much more information than previously available. will soon provide customized, Web-based accounting reports for each specific investor, using the software that will be integrated into the site for partnership accounting.

&uot;Our market research indicated that investors were more interested in daily reporting than liquidity,&uot; Shogren added. &uot;Many said this could be a basic consideration when evaluating hedge funds as a potential investment, and would rely on to screen out funds that do not report on a daily basis. In fact, many of the institutional investors we spoke with stated that they would require funds to list on's new system.&uot; was founded in 1997 and is the only completely free online hedge fund community for both investors and hedge fund managers, and lists information and performance on over 1,100 alternative funds. Its investor membership base includes over 7,000 family offices, pension funds, endowments, banks, and high net worth individuals from around the world.
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Publication:Business Wire
Date:Jan 24, 2000
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