If you're running a mutual fund company and worried about what regulators might start to expect of you to maintain "transparency" in your operations, you might take a sneak peek at hedge funds.

They are stepping up their spending on archiving of Blackberry messages, general e-mail, Bloomberg messages, instant messages and other new forms of online communication, according to Bob Guilbert, managing director of Eze Castle Integration, a Boston consulting firm which conducted a study of 223 funds in the last half of 2010. The data was released last week.

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