The Associated Press June 7, 2010, 5:47PM ET

Hedge fund group spent $1.4 million lobbying in 1Q

A trade group representing hedge funds spent nearly $1.4 million in the first quarter lobbying federal officials on proposed financial regulations, including stricter oversight of derivatives trading.

The $1.37 million that the Managed Funds Association spent on lobbying was up from the $790,000 that the organization spent in the same quarter a year ago. It also tops the nearly $1.1 million spent in last year's fourth quarter by the lobbying organization for hedge funds, which cater to institutional investors and wealthy individuals.

According to an April 20 filing with the House clerk's office, the Managed Funds Association lobbied on proposals intended to bring greater transparency and accountability to trading of derivatives, private bets between two parties on how the value of assets like crops or measures like interest rates will change in the future.

The association also lobbied in the first quarter on a proposal to create a Consumer Financial Protection Agency and on regulation of credit default swaps.

Besides Senators and members of the House, the association lobbied the SEC, the Internal Revenue Service, the Commodity Futures Trading Commission and the departments of Labor and Treasury.

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