Hedge Funds

Gabelli merger-arb strategy added to S&P index

by

The S&P Hedge Fund Index will be adding a new merger arbitrage strategy as a constituent to the alternative-investment benchmark. At the start of 2005, the Gabelli Associates Ltd. Merger-arb strategy will be added to the S&P HFI.

The strategy is one overseen by Mario Gabelli's Rye, N.Y.-based Gabelli Asset Management, which runs some $28 billion in mutual funds, hedge funds and private accounts.

S&P says the addition of the new fund is aimed bringing broader diversification to the alternative index and make it more representative of the overall investible hedge fund universe.