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Hedge Funds Launch Effort to Boost Image as D.C. Scrutiny Mounts

  • Trade group unveils new ad campaign targeted at Capitol Hill
  • New strategy represents a shift for secretive fund industry

Hedge funds have long stayed out of the political fray. Now, as lawmakers and regulators increasingly put the firms in their sights, the secretive industry is reversing course.

The main hedge fund lobbying group -- which represents 135 funds including Citadel, Elliott Management Corp. and Renaissance Technologies -- is launching a multi-million dollar campaign Thursday to better explain to Washington what its members actually do.