William Galvin, secretary of the Commonwealth of Massachusetts, would like federal regulators to regulate hedge funds and to preclude retail investors from participating in hedge funds or registered hedge funds-of-funds, Reuters reports.
"We need to make sure that hedge funds are not being pitched to retail investors. I think hedge funds should be regulated," Galvin told Reuters. Just last week, Galvins office sued three hedge funds for trying to attract retail investors.
Referring to the demise of Long Term Capital Management in 1998, Galvin said, "Some people just shouldnt be in [hedge funds] because they cant afford to lose that kind of money."
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.