Dow Jones and Credit Suisse announce joint hedge fund performance index

Credit Suisse/Tremont Hedge Fund Indexes and Dow Jones indexes have joined forces to create the Dow Jones Credit Suisse Hedge Fund Indexes tracking hedge fund performance.

The companies signed an agreement under which Dow Jones Indexes will calculate, distribute and market the indexes. Credit Suisse affiliates will manage the financial products linked to them.

The methodologies and rules for each of the existing indexes will be consistent with past practices. The indexes are constructed from a database of over 5,000 hedge funds.

Dow Jones Indexes will discontinue its existing hedge fund indexes on June 30. The present joint venture between Credit Suisse and Tremont Capital Management has been dissolved.

The current Credit Suisse operational and managerial team will remain in place, with Oliver Schupp remaining as president of Credit Suisse Index.

The agreement with Credit Suisse announcement came as Dow Jones revealed it was joining Markit Hub as the first third-party content provider.

Markit Hub, part of Markit's offering, currently includes Bank of America Merrill Lynch, Barclays Capital, BNP Paribas, Citi, Credit Suisse, Dow Jones, Goldman Sachs, JP Morgan, Morgan Stanley and UBS.

The service, which is a web-based business intelligence platform, provides market participants with research, commentary, news, data and analytics from banks and third party providers. Markit Hub customers will now be able to access Dow Jones global market news.

The platofrm manages over 150,000 users at more than 3,000 investment companies around the world with approximately 60% of customers based in North America and 40% split across Europe, Asia and Latin America.

"Our alliance with Markit offers customers a vehicle for integrating the news they need into their workflow," said Joe Lanza, president of financial markets at Dow Jones.