Rydex Funds is reportedly in talks with a hedge fund specialist to become one of five fund firms distributing a product based on Standard & Poor's new hedge fund index. PlusFunds, a venture-backed marketplace for hedge funds, would create the product. PlusFunds and S&P announced

Also reportedly in talks with PlusFunds is Deutsche Asset Management. The other three firms are not known and PlusFunds has not confirmed the plans.

Rydex has built a strong distribution among advisors favoring index offerings. Those capabilities may be what appeals to PlusFunds.  

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