In a comment letter to the Securities and Exchange Commission last week, the ICI urged regulators to impose restrictions on private fund advertising that are at least as extensive as those for mutual funds. The group also suggested a ban on advertising hedge funds’ performance until rules are established governing how to calculate the returns, according to the letter, which is posted on the ICI’s website.
Not all fund companies share the ICI’s view. BlackRock, the world’s largest asset manager with $3.68 trillion in assets, supports the removal of the ban on general advertising, according to a letter the firm sent to the SEC last month.
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