Zurich Capital Markets will rebalance its five hedge fund indexes, effective Oct. 1. The company plans to remove three hedge fund managers and add four, according to a news release from the company.
The indexes track convertible arbitrage, hedged equity, event driven, distressed securities and merger arbitrage strategies. The three hedge fund managers being removed — Aquila International Fund, Oscar Fund (Cayman) Class A and Steel Partners II — all follow the hedged equity strategy. Of those being added, Zazove Hedge Convertible Fund is a convertible arbitrage fund; DeSantis Capital Partners is a hedged equity fund; and Cerberus International and ReCap International (BVI) are distressed securities funds. Decisions about rebalancing are made by an index committee that includes Garry Crowder, Zurich Capital Markets managing director, and officials from pension funds, foundations and endowments in the U.S. and Canada.
