Conn. Hedge Fund Bill Dies

Jun 5 2009 | 2:02pm ET

Hedge funds will continue to enjoy Connecticut’s hospitality, at least for the time being. The state’s House of Representatives failed to act on a hedge fund regulation bill passed by the Senate, effectively shelving the matter until at least next year.

The Senate bill would have forced Nutmeg State-based hedge funds and private equity firms that are not registered with the Securities and Exchange Commission to play by the federal regulator’s material conflicts of interest rules anyway. The measure’s opponents feared it would drive hedge funds out of the state, the third-largest hedge fund center in the world, after New York and London.

Indeed, Rep. Ryan Barry, the co-chairman of Connecticut’s joint banks committee and supporter of the bill, told The Wall Street Journal that legislators from southwestern Connecticut, where many hedge funds are based, employed tactics to keep the bill from coming to a vote.

Barry said the bill had enough votes to pass, had it come to a vote. But it is unclear whether Gov. Jodi Rell, a Republican, would have signed it.

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