Refco, PlusFunds Form Alternative Investment Partnership

April 10, 2003 ( - Refco Group Ltd LLC, and PlusFunds Group Inc have entered into a partnership to develop alternative investment vehicles, including a S&P tracking product.

The partnership will initially develop funds for institutions and individual investors seeking exposure to alternative investments via the S&P Managed Futures Index.   This index was targeted due to its status as a global benchmark in the managed futures strategy.

“Standard & Poor’s created the S&P Managed Futures Index to meet marketdemand for a transparent and investable index that offers the risk andreturn characteristics of this currently popular alternative strategy,”said Paul Aaronson, executive managing director, Standard & Poor’s.“Products like the fund being developed by PlusFunds and Refco willenable investors to gain broad exposure to this strategy.”