Investing September 25, 2003

MSCI Beefs Up Hedge Fund Index List

September 25, 2003 (PLANSPONSOR.com) - MSCI's list of hedge fund indices is growing longer.
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According to a news release, MSCI has added 29 new indices for a total of more then 190 and plans even more additions later in the year.

“We have reached critical mass in terms of the number of hedge funds in our database, allowing us to produce indices that reflect a greater number of segments of the hedge fund universe,” said Daniel Coker, head of Hedge Fund Research and Operations for MSCI, in a statement. “Clients using the MSCI Hedge Fund Indices and Database will now be able to conduct peer group comparisons on an even more granular level, allowing them to understand the performance of various hedge fund strategies in a much more organized and accurate manner.”

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The MSCI Hedge Fund Classification Standard provides the basis for several levels of index detail and three primary characteristics – hedge fund investment process, asset class and geography – to classify funds and define hedge fund strategy indices.

Secondary classification characteristics include industry segmentation according to the Global Industry Classification Standard (GICS)and capitalization size for equity-oriented strategies, and a variety of fixed income criteria. Some notable additions are the Small Fund and Core Fund Process Group Index Series, and the Short Bias and Event Driven Investment Process indices.

The MSCI Hedge Fund Indices and Database were launched in July of 2002 with over 90 indices supported by a database of 750 funds. Currently MSCI’s database has over 1,600 funds representing more than $160 billion of assets, reflecting the addition of approximately 70 funds per month since the product was launched, MSCI said.

Compliance September 24, 2003

Feds Grant Form 5500 Filing Relief Due to Isabel

September 24, 2003 (PLANSPONSOR.com) - Federal officials are giving companies that took the brunt of Hurricane Isabel's fury more time to file their Form 5500 paperwork.
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>The US Department of Labor’s Employee Benefits Security Administration (EBSA), the Internal Revenue Service (IRS) and the Pension Benefit Guaranty Corporation (PBGC) announced the extension to file a 5500 or 5500-EZ for companies hit by property damage, destruction and power outages from the storm that bull-dozed its way through Southern and Mid-Atlantic states leaving hundreds of thousands of customers in the dark.

>Affected companies who were required to file their Form 5500 on or between September 18, 2003 and November 18, 2003 now have until November 18, 2003 to get it in.

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>The extension applies to plan administrators, employers and other entities located in areas directly affected as identified in IRS’s Tax Relief at    www.irs.gov/newsroom/article/0,,id=113066,00.html .   The extension also applies to filers located outside the affected areas who were unable to obtain the necessary information from service providers, banks or insurance companies whose operations were directly affected by the hurricane.

Filers entitled to this extension should check Part 1, Box D, on the Form 5500 or Part 1, Box B on Form 5500-EZ, and attach a statement labeled “Hurricane Isabel 2003” explaining the basis for the extension being claimed under this relief. Filers who have additional questions may contact the EFAST Help Line at (866) 463-3278.

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