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Hedge funds and private equity groups fear the Tories will not fight new European legislation on disclosure

TimesOnline – Hedge funds and private equity groups are deeply anxious that a wave of proposed European legislation on disclosure could push them out of business, with little resistance from the Tories.

Hedge funds and private equity firms are desperate for Lord Myners, the City Minister, and Lord Mandelson, the Business Secretary, to help them to fend off new rules that would force them to reveal more about their investment portfolios and to seek approval for increased borrowing requirements.

On the advice of the Business Secretary, the funds and private equity groups have beefed up their lobbying teams and have earmarked an estimated €10 million (£9 million) for a campaign against a regulatory regime that they say would be highly punitive. The funds are banking on the Treasury and Lord Mandelson to fight off the regulations, which are expected to be agreed in March.

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