Dodd-Frank financial reforms are forcing hedge funds and other private investment funds to do something that has previously been an anathema to them: disclose their investment strategies publicly. Officers at private funds are now scrambling to fill out Form PF for federal regulators before the August 29 deadline. Among the items they must disclose: long and short positions on corporate bonds, credit-default swaps, geographic breakdown of investments and who they trade with. But it’s not only the feds hedge fund managers are worried about. They’re also concerned what their wealthy clients will think when their veil of secrecy disappears.

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