Mr. Paul R. Aaronson

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  www.sec.gov/Archives/edgar/data/1399215/0001193125-08-0 - [Cached Version]
  Published on: 4/29/2008    Last Visited: 8/10/2008  

  Paul R. Aaronson
  
  Managing Member, Stone Keep Capital Management LLC
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  Paul R. Aaronson has served as a member of our board of directors since November 2007.Mr. Aaronson is the co-founding partner and has served as the managing member of Stone Keep Capital Management LLC, an investment management company, since March 2008.Mr. Aaronson was self-employed as a financial services consultant from January 2006 through February 2008.From April 2005 to December 2005, Mr. Aaronson served as Chief Executive Officer of PlusFunds Group, Inc., a hedge fund index asset manager.From February 2001 to April 2005, Mr. Aaronson served as Executive Managing Director of Standard & Poor's Portfolio Services Group, a global business that encompassed S&P's index business and an investment advisory business.Mr. Aaronson received a B.A. degree from Middlebury College and a J.D. degree from Yale Law School.

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  www.sec.gov/Archives/edgar/data/1399215/0001399215-08-0 - [Cached Version]
  Published on: 2/5/2008    Last Visited: 2/6/2008  

  0001421881 Aaronson Paul R C/O FLO CORPORATION 14000 THUNDERBOLT PLACE, BUILDING R CHANTILLY VA 20151 1 0 0 0

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  www.investmentadvisor.com/HW/show_article.asp?mid=11 - [Cached Version]
  Published on: 9/25/2001    Last Visited: 7/2/2002  

  "One of the things that will be looked at in maintaining the index is a manager's excess capacity," said Paul Aaronson, an executive managing director at Standard & Poor's."A lack of capacity is one of the reasons a manager might be removed from the index.On the other hand, we've made efforts to ensure that these won't be funds below a certain level of capitalization either."
  
  The familiarity of the S&P name in benchmarking is expected to grab the attention of institutional investors.The company suggests that the hedge fund industry's growth thus far has been remarkable but has been somewhat constrained by the fact that institutions have been reluctant to put money with managers of privately run funds, which typically lack transparency.
  
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  A number of funds that might otherwise have been in the index were omitted because managers were either unable or unwilling to disclose daily NAVs, a prerequisite for inclusion, Mr. Aaronson said.
  
  Reflecting the fact that most hedge fund portfolio teams are U.S.-based, the new S&P alternative benchmark will follow suit."The majority of the managers may be in the U.S., but that's not to say that the scope of the underlying investments represented in the index will be limited geographically.They won't.Broadly speaking, they're global," Mr. Aaronson said.
  
  Emerging markets is not included as a distinct group within the new benchmark's sub-indexes.But Mr. Aaronson said that does not mean that hedge funds with such exposure would be excluded from the indexing effort.
  
  Also there is nothing exclusionary about being included in the index.That is to say that fund managers included in the index are not prevented from raising capital through other vehicles that trade similar styles.
  
  Standard & Poor's and its business partners in the index are probably hoping the new S&P Hedge Fund Index will whet institutional investors' appetite for additional alternatives.
  
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  "We looked around and saw that there was a gap in the market when it came to hedge funds, and we recognized an index like this would be valuable," Mr. Aaronson said."It complements our existing indexes, which include commodities as well as equities."
  
  "We saw that there were other hedge fund indexes that existed, but ours is the first that looks at daily valuations.That combined with the rigorous index-building standard S&P brings to the table, makes this something that we think will make a valuable benchmarking tool for alternative investments," he said.

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  nakedshorts.typepad.com/nakedshorts/2007/10/the-mother- - [Cached Version]
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  They include Paul Aaronson, the former S&P managing director who was appointed chief executive of PlusFunds in May 2005; general counsel Patrick McMahon; and finance director Christopher Aliprindi.
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  Other employees who will receive invitations include Timothy Parrott, who joined PlusFunds in Jun. 2005 as senior managing director responsible for global partnerships and was named to replace Aaronson; Peter Ewing, variously described as head of new product development and director of business development; Susan Staisil, Sugrue's sister-in-law and a former Refco executive who held the general counsel title at various times; Tia Urban, the long-time director of operations, fired in Nov. 2005 in controversial circumstances; and her replacement, Keith Kemp, a Refco executive who had a bit-role in the controversial fund transfer.

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  Active Index Investing's E-ppendix - Praise for the... - [Cached Version]
  Published on: 2/17/2006    Last Visited: 8/27/2008  

  —Paul R. AaronsonChief Executive Officer, PlusFunds (manager of the S&P Hedge Fund Index)

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  Active Index Investing's E-ppendix. - [Cached Version]
  Published on: 3/2/2006    Last Visited: 3/12/2008  

  -Paul R. AaronsonExecutive Managing Director, Investment Services Standard & Poor's

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  Advisor Page - PlusFunds Develops Component 'Baskets'... - [Cached Version]
  Last Visited: 12/29/2007  

  "We are pleased to see the success of the S&P Hedge Fund Index give rise to new and innovative products like those that PlusFunds is offering through these style baskets," said Paul Aaronson, Executive Managing Director, Standard & Poor's.

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  Alpha Bets - Institutional Investor Online - [Cached Version]
  Published on: 9/20/2002    Last Visited: 9/20/2002  

  "That's exactly one of the arguments we're making," says Paul Aaronson, Standard & Poor's executive managing director in charge of the hedge fund product."Why would a fund-of-funds manager trying to pick hedge funds be any better than an active manager in picking stocks?"
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  Aaronson insists, however, that S&P has managed to sign up a roster of high-quality managers.
  
  But deciding what constitutes a good manager for an index product can also be tricky.The first goal for any index is giving investors very specific exposure to a well-defined asset class.S&P, which selected managers with the help of British hedge fund consulting group Albourne Partners, explains that style purity -- a manager's rigorous adherence to a specific trading style -- is more important than even returns.Bad performance probably won't get an investor thrown out of this index, but style drift will."Funds-of-funds are looking to pick the best-performing managers," says Aaronson."We're looking to pick the most representative."
  
  Some investment experts believe, however, that dividing managers into traditional hedge fund categories can be misleading.S&P has selected managers from nine traditional categories of hedge fund investment -- including long-short equity, merger arbitrage and convertible arbitrage -- to come up with what it hopes is a good representation of total hedge fund activity.But some analysts say these traditional categories don't accurately reflect the hedge fund world's strategies and risk."There is a need to redefine these categories," says Capital Market Risk Advisors' Rahl.

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  American Banker Online - Hedge Industry Stagnant; Seen... - [Cached Version]
  Published on: 5/29/2002    Last Visited: 5/29/2002  

  "I think it is pretty obvious that for many investors there is still a lot of appeal to this product," said Paul Aaronson, a Standard & Poor's executive managing director for portfolio services.
  
  Mr. Aaronson said it is impossible to determine whether hedge funds have reached a saturation point because they are so loosely regulated.Since information is so scarce, and lacks standardization, he said, it is hard to tell whether there are enough or too many hedge funds.
  
  "The heyday of hedge funds has passed," Mr. Aaronson said."Too many people opened a hedge fund office thinking it would be an easy way to get fast money.But they found out that hedge funds are not such an easy thing to do.The market isn't oversaturated with hedge funds; it is just oversaturated with bad hedge funds."
  
  Ivy's Mr. Simon said tremendous interest continues from institutional and offshore investors in buying quality hedge funds.This is a crucial period, he said, in which the industry must mature and prepare for the next opportunity.

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  EC - Fourth Annual Investment Forum Hedge Funds -... - [Cached Version]
  Published on: 10/21/2001    Last Visited: 7/21/2002  

  Paul AaronsonExecutive Managing Director, Portfolio ServicesStandard & Poor's

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