WEST PALM BEACH, FL (www.hedgeco.net) – Former U.S. Senator, Breaux, a Louisiana Democrat, has been hired by the Clinton Group Hedge Fund Group of Manhattan New York to Lobby for legislationimpacting the firm. According to Bloomberg, Breaux who retired in January is one of a growing cadre of new lobbyists being hired by U.S. hedge fund managers to lobby for market moving legislation.
The 61-year-old Breaux is representing not only the Clinton Group but also the Washington based Patton Boggs LLP. Breaux said, �Anything that affects a company’s profitability from a legislative standpoint is information that’s important.�
Hedge Fund managers have increasingly resorted to hiring lobbyists to cater for their interests in Washington; such trend has intensified since the SEC new Hedge fund laws were introduced last year. The new laws require US based hedge fund managers overseeing over $30 million of investor assets to register their activities with the SEC�s office. So far well over fifty percent of US hedge fund managers have complied with the new provisions.
Hedge funds hiring lobbyists generally prefer not to comment on such activities, partly because federal laws prohibits former government employees such as Breaux from lobbying his former colleagues for a minimum of 1 year after leaving office. Because of the nature of hedge fund operations, managers may make instant trading decisions on newsbreaks; hedge funds have traditionally conducted their business largely without lobby personnel.
Another lobbyist, Jonathan Slade, 46, a Washington lobbyist also represents GoldenTree Asset Management LP a New York-based investment firm and hedge fund manager. Slade says he arranges meetings and conference calls between congressional staff and hedge fund executives.
According to published reports, Bryan Cave Strategies LLC, a unit of Bryan Cave LLP, a St. Louis-based law firm, has recruited lobbyist Steve Elmendorf, 44, who was once one of Senator Kerry�s campaign officials. Having early knowledge on the possible outcome of legislation is important information for hedge fund managers who often may enter or exit the markets on moments notice.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: Editor@hedgeco.net
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