Under this collaborative effort, CUSIP Global Services will generate a 9-character CUSIP and 12-character ISIN for unique hedge funds and fund of hedge funds and their underlying classes within its jurisdiction. CGS will leverage HedgeFund.netâs leadership position in capturing core information on such funds and their unique attributes to develop a common language for this asset class. The introduction of official CUSIP codes for hedge funds continues the expansion of asset class coverage by CGS in 2009, following the recent announcements of unique CUSIP identifiers for listed equity options and legal business entities (âCABREâsâ). This product has been designed to enhance the quality and efficiency of hedge fund information flows, enhance business processing methods and hedge fund research for hedge fund industry stakeholders. Preliminary feedback received from investors, investment managers and service providers, indicates that there is considerable demand for a unique identification system for the hedge fund industry.
CGS plans to formally launch its CUSIP Hedge Fund Service by the end of September, at which time there is expected to be a substantial group of funds with CUSIPs, accompanying ISINs and related data elements. Market participants who wish to take in the CUSIP Hedge Fund Service will be able to do so directly from CGS or via a properly licensed vendor. HedgeFund.netâs hedge fund database product, which provides hedge fund performance and qualitative information, will also contain hedge fund CUSIPs and ISINs.
"CUSIP Global Services (CGS) is pleased to work with HedgeFund.net to bring a common nomenclature to the hedge fund community,â said James Taylor, Managing Director, CUSIP Global Services. âMarkets and investors worldwide look to CUSIP Global Services for our ability to create and disseminate unique, proprietary identifiers for securities in an ever increasing range of asset classes. Now, with the addition of hedge funds and funds of hedge funds, CGS is again demonstrating its commitment to continually meet the marketâs need for innovation and efficiency.â
Don Cacciapaglia, Chairman and CEO of Channel Capital Group Inc. said, âthe collaboration between CUSIP Global Services and HedgeFund.net is an ideal blend of our trusted hedge fund content and relationships with CUSIPâs recognized leadership in unique identification of entities and instruments. We look forward to providing investors and the broader market with efficiency and enhanced value for many years to come.â
CGS and HedgeFund.net plan to continue discussions with key industry constituencies around the development of the CUSIP Hedge Fund Service in the coming months.