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The Boston Globe

Business

SEC lifts ban on hedge fund advertising

WASHINGTON — For the first time, hedge funds will be allowed to advertise to the general public. The Securities and Exchange Commission voted 4 to 1 Wednesday to lift a ban on hedge funds, private equity firms, and other private investment managers marketing products to a wide audience.

Unchanged is that hedge funds can sell securities only to investors with a net worth of at least $1 million, excluding primary residence, or annual income of more than $200,000 (or $300,000 with a spouse) in each of the two most recent years. About 7.4 percent of US households have a net worth of $1 million or more.

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