A second European regulator has approved an investable hedge fund index as an eligible asset for funds operating under the European Union's Ucits III banner, potentially allowing retail investors greater access to the fruits of the hedge fund industry.

FTfm reported last week that Ireland had given the green light to Ucits funds based on the FTSE Hedge Global Index and the FTSE Hedge Momentum Index. Luxembourg has followed suit by approving the Greenwich Composite Investable Hedge Fund Index.