Compliance officers and general counsel for several of the largest hedge funds have said they would like to see the Securities and Exchange Commission repeal its ban on general solicitations by hedge funds.

Speaking during the Securities Industry Association's Hedge Funds & Alternative Investments Conference yesterday, Karl Wachter, general counsel for $7.5bn (€5.95bn) hedge fund Amaranth Advisors, said repealing the ban would be a "huge positive" for the booming hedge fund industry. Steven Kessler, chief compliance officer for SAC Capital Advisors, the $6bn hedge fund run by Steve Cohen, agreed the ban should be lifted.