yra is the successor firm to Zurich Institutional Benchmarks Management L.L.C., established in October of 1999. The foundation of its business model is a Segregated Accounts Company that seeks to deliver the returns of specific hedge fund strategies without the allocation, leverage and operational risks associated with many hedge fund structures. This is accomplished by creating a platform of separate accounts with experienced hedge fund managers that are collectively managed by Lyra. Each of these accounts is managed in general accordance with the managers' other accounts with appropriate restrictions on leverage and the types of securities that can be held in the accounts. These accounts are grouped together based on the managers' investment style.

Current strategies include:

Managers selected to participate in the Lyra programs have demonstrated an ability to consistently perform within a particular hedge fund style. The methodology used to identify potential managers is described in detail in the Methodology section of this site.

he Lyra model incorporates asset and risk management processes that are consistent with the investment standards applied in managing traditional equity and fixed income investments.

Portfolios of separate accounts are constructed to meet the following standards:

STYLE PURE: Each portfolio of separate accounts is intended to be style pure, consisting of managers who have been selected based on their ability to represent the fundamental quantitative and qualitative characteristics of a specific strategy.

INVESTABLE: Each separate account portfolio is investable and is based on a managed account platform.

REPRESENTATIVE: Each separate account portfolio reflects the returns and risks of a specific strategy. This is accomplished using approximately five to eight style pure managers that capture the risk and return characteristics of a style pure portfolio within a selected strategy.

APPROPRIATE: The separate account portfolios include strategies that a typical institutional investor might hold. Each strategy has known style attributes and known exposures to market factors.

TRANSPARENT: Clients have access to the names of all hedge fund managers in the separate account portfolios and any changes in composition are announced in advance.

MEASURABLE: Clients have access to daily estimated valuations for the portfolios of separate accounts.