The State Attorney General of Connecticut, Richard Blumenthal, believes greater regulation of the hedge fund industry is a must and that state authorities could help the Securities and Exchange Commission, according to Financial News Online.

Blumenthal said that all states, including Connecticut, could "supplement and backstop an SEC that is overburdened with enforcement and regulatory responsibilities."

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.