Authorities in Europe are considering proposals to regulate hedge funds and private equity and could approve legislation on alternative investment fund managers as early as July. Custody executives are reluctant to comment publicly on proposed changes, but they are working behind the scenes to get their voices heard, Cate Rocchi writes. "I think the European regulators don't necessarily always appreciate the subtleties of all the regulation and all the practicalities of what they are doing," said one custody chief.

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