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Facing up to hedge-fund ads

Crain’s - Anyone who rides the subway has seen ads for Jonathan Zizmor, the dermatologist who promises to transform pimply faces into marvels of clear complexion. Soon, Dr. Z may have a challenge of his own: fighting for ad space with hedge-fund managers.

Thanks to federal legislation passed last year, hedge funds may soon be able to market themselves directly to the public, ending a decades-old ban. Mary Jo White, the new chairwoman of the Securities and Exchange Commission, has indicated she wants the new rules finalized soon. Once adopted, they would not only free hedge funds to seek investments from all and sundry, but would also make it easier for small companies to reach out and raise money from the man on the street—or riding the subway.

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