The financiers atop the growing $18 trillion field of private funds — hedge funds, private equity funds and others — would be required, under a new proposal from federal regulators, to provide investors with quarterly investment statements regarding fees and returns.

Although the proposal requires these firms to provide only basic information to investors, the proposal was described as a “sea change” in federal regulation because the Securities and Exchange Commission largely has steered clear of mandating disclosures for such investments. READ MORE