Speaking at the Securities Industry Association’s conference in New York Monday, Rep. Richard Baker (R-La.) said the minimum investment for hedge funds-of-funds should be raised to protect unsophisticated investors, Dow Jones reports.

Most hedge funds-of-funds have minimum investments of as little as $25,000, which Baker called dangerously low. The Securities and Exchange Commission requires hedge fund investors to have a minimum of $1 million in investable assets, he noted.

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