Increased demand for due diligence on hedge funds--if not for the funds themselves--may be the initial impact of the Securities and Exchange Commission's recent ruling lifting an 80-year-old ban on advertising for private offerings.

"I think wealth managers will be getting a lot more requests for information about hedge funds," said Greg Curtis, chairman of Greycourt and Co., a Pittsburgh-based family office with $10 billion in assets under management. "It won't be a problem for us, because we're already doing a lot of vetting for our clients. But for people who never thought about it, there's going to be more interest, and more need for evaluation."

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