NEW YORK, Jan. 9, 2009 (GLOBE NEWSWIRE) -- Dow Jones Hedge Fund Indexes, Inc. (DJHFI) today announced that it has temporarily suspended publication of the Dow Jones Hedge Fund Convertible Arbitrage Strategy Benchmark, effective January 2 until further notice.
The decision to halt publication of the benchmark was made jointly by Dow Jones Hedge Fund Indexes and the investment manager of the managed-account platform that supports the Dow Jones Hedge Fund Strategy Benchmarks. The investment manager took steps to reduce the platform's exposure to the convertible arbitrage strategy and to reduce the number of managers on the platform that specialize in this strategy.
Index values for the Dow Jones Hedge Fund Convertible Arbitrage Strategy Benchmark are available through December 31, 2008.
Launched in November 2003, the Dow Jones Hedge Fund Strategy Benchmarks measure individual hedge fund strategies. The six existing strategies are Equity Market Neutral, Convertible Arbitrage, Distressed Securities, Merger Arbitrage, Event Driven and Equity Long/Short(i). The publication of the Dow Jones Hedge Fund Equity Long/Short and Equity Market Neutral Strategy Benchmarks, halted on November 3, 2008 as a result of temporary measures taken by the investment manager of the managed account platform to reduce the risk profiles of some of its managers, also remain suspended until further notice.
No changes have been made to the Dow Jones Hedge Fund Strategy Benchmarks for Distressed Securities, Event Driven and Merger Arbitrage, which will continue to be published on an end-of-day basis.
DJHFI provides style-pure, hedge fund strategy indexes that exhibit highly correlated component returns. The methodologies and components underlying the Dow Jones Hedge Fund Strategy Benchmarks are available on the Dow Jones Hedge Fund Indexes Web site at www.djhedgefundindexes.com.
Journalists may e-mail questions regarding this press release to PR-Indexes@dowjones.com.
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(i) The Dow Jones Hedge Fund Equity Long/Short Benchmark was launched in October 2004.