Deals & People July 10, 2009

EIM Management Names Director of Business Development

Keith Thomas has joined EIM Management USA, the U.S. affiliate of the EIM Group, a fund of hedge funds, as a director, Business Development.
Reported by

According to a press release, Thomas will be responsible for broadening EIM USA’s relationships, particularly with public funds, endowments and foundations, and family offices. He will report to Antonio Munoz, CEO of EIM USA.

Thomas has over 27 years of experience with alternative and traditional investments, the announcement said. He joins EIM from Muirfield Capital where he served as director of Sales and focused on public funds, foundations, endowments, and family offices.

Thomas began his career in 1982 at Shearson American Express and has held positions at Prudential Securities, Smith Barney, and Medley Global Advisors.

Products July 10, 2009

New Indexes Follow Stocks with Good "Momentum"

AQR Capital Management, LLC has launched the AQR Momentum Indices, a new set of indexes that capture the returns of stocks that have positive "momentum."
Reported by

According to a press release, the three indexes are: AQR Momentum Index, AQR Small Cap Momentum Index, and AQR International Momentum Index. In conjunction, AQR also introduced a set of three no-load mutual funds based on these indexes: the AQR Momentum Fund, AQR Small Cap Momentum Fund, and AQR International Momentum Fund.

The press release explained that a stock has positive momentum if it has outperformed its peers on a relative basis over the recent past.

AQR said that momentum has been researched extensively over the past fifteen years by both academics and practitioners. In contrast to the efficient market hypothesis, which maintains that past stock prices have no predictive value for the future, the research on momentum suggests that stocks with positive momentum tend to out-perform market averages in the following months.

The new AQR Momentum Indices provide a way of capturing the momentum effect. The indexes, which are rebalanced quarterly, are formed by including those stocks that rank in the top third of their relevant universe based on momentum over the prior twelve months.

More information is at www.aqrfunds.com.

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