NEW YORK - Sponsors of 401(k) plans and financial planners who otherwise would never consider investing in hedge or arbitrage funds are taking a keener look.

A proliferation of hedge fund of funds registered under the 40 Act as mutual funds has assuaged concerns over transparency, liquidity and minimum investments [see MFMN 9/2/02], according to speakers at Lake Partners' "Democratization of Hedge Funds" conference here late last month.

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