Regulators are growing concerned by "hedge fund hotels" -- cushy lease deals in which banks lease space to hedge-fund managers in hope that the hedge funds will become major clients. UBS, which operates 400,000 square feet of hedge fund hotels in a number of U.S. cities, has been subpoenaed by the the Massachusetts secretary of state, who wants to know if the hedge funds are paying higher-than-average fees to banks in exchange for the space, but not disclosing the arrangement to investors.

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