Charleston Daily Mail – The Connecticut Senate has voted to require hedge funds and private equity funds located in the state and doing business here to disclose certain conflicts of interest to customers.

Supporters of the bill, which passed on a 24-12, party-line vote, say it’s needed because Congress hasn’t done enough to protect consumers and regulate the hedge fund industry.

Sen. Robert Duff, a Norwalk Democrat, says if Congress passes similar legislation before Dec. 31, the Connecticut bill would no longer be needed.

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Bloomberg - Sparx Group Co., Asia’s biggest hedge-fund manager, will likely miss its asset management target of 5 trillion yen ($57 billion) by March 2011 because of redemptions and losses amid the global market rout.

The firm has cut costs to counter the biggest market losses since the Great Depression, an effort that hasn’t prevented its total assets under management shrinking to 753 billion yen as of Dec. 31 on a preliminary basis, or about a third of the peak of 2 trillion yen in August 2006.

“Realistically, it’s going to be extremely tough” to meet the target, Shuhei Abe, the chief executive officer of the Tokyo- based firm, said in an interview on Jan. 23. “There is still room to cut more costs, while we also have to prepare for other unexpected events going forward.”

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