Special Report: Hedge Fund Service Providers - Preqin
PREQIN SPECIAL REPORT:HEDGE FUND SERVICE PROVIDERSMAY 2017alternative assets. intelligent data.
PREQIN SPECIAL REPORT: HEDGE FUND SERVICE PROVIDERSFOREWORDFund administrators, custodians, prime brokers, auditors, law firms and fund marketers all play a crucial role in allowing hedgefund managers to operate their businesses effectively. The service provider industry is continually changing as new players enterthe market and existing firms consolidate and develop their range of offerings. Fund managers and service providers alike need tocontinually review the market in order to ensure that they are fully taking advantage of available opportunities.In this report, we present analysis of the latest trends in the hedge fund service provider industry, informed by Preqin’s survey of over270 hedge fund managers in November 2016 and data on over 2,000 hedge fund service providers from Preqin’s Hedge Fund Onlinedatabase. We examine the leading service providers by number of fund manager relationships as well as which service providers havebeen most successful with new fund launches. Although these initial relationships are important, fund managers continually review theirservice provider relationships, and so we also show the main reasons why fund managers have changed their providers.Preqin’s Hedge Fund Online database provides an invaluable tool to help service providers to identify new clients and to allow fundmanagers and investors to carry out due diligence and analyze the service provider relationships of their peers and competitors. To findout more about this and Preqin’s other services, please visit www.preqin.com or contact us at info@preqin.com.p3p5p6p7p8p10p11Service Provider OverviewFund AdministratorsFund CustodiansPrime BrokersFund AuditorsLaw FirmsFund MarketersHEDGE FUND ONLINEHedge Fund Online is Preqin’s flagship hedge fund information resource, incorporating all of our hedge fund data, intelligenceand functionality, providing you with the most comprehensive coverage of the asset class available.Hedge Fund Online is updated on a daily basis by teams of skilled research analysts based around the globe, making it a vitalsource of data and information for fund managers, investors, service providers and other professionals seeking to keep up todate with the latest developments in the industry.Get in touch today to arrange a demo of Hedge Fund Online: *: info@preqin.com þ: www.preqin.com/hedgeAll rights reserved. The entire contents of Preqin Special Report: Hedge Fund Service Providers, May 2017 are the Copyright of Preqin Ltd. No part of this publication or any information contained in it may be copied, transmitted by any electronic means, or stored in anyelectronic or other data storage medium, or printed or published in any document, report or publication, without the express prior written approval of Preqin Ltd. The information presented in Preqin Special Report: Hedge Fund Service Providers, May 2017 is for informationpurposes only and does not constitute and should not be construed as a solicitation or other offer, or recommendation to acquire or dispose of any investment or to engage in any other transaction, or as advice of any nature whatsoever. If the reader seeks advice ratherthan information then he should seek an independent financial advisor and hereby agrees that he will not hold Preqin Ltd. responsible in law or equity for any decisions of whatever nature the reader makes or refrains from making following its use of Preqin Special Report:Hedge Fund Service Providers, May 2017. While reasonable efforts have been made to obtain information from sources that are believed to be accurate, and to confirm the accuracy of such information wherever possible, Preqin Ltd. does not make any representation orwarranty that the information or opinions contained in Preqin Special Report: Hedge Fund Service Providers, May 2017 are accurate, reliable, up-to-date or complete. Although every reasonable effort has been made to ensure the accuracy of this publication Preqin Ltd.does not accept any responsibility for any errors or omissions within Preqin Special Report: Hedge Fund Service Providers, May 2017 or for any expense or other loss alleged to have arisen in any way with a reader’s use of this publication.2 Preqin Ltd. 2017 / www.preqin.com
DOWNLOAD DATA PACK: www.preqin.com/HFSP17SERVICE PROVIDER OVERVIEWService providers are a vital part of thehedge fund landscape, assisting inthe smooth running of a hedge fund’soperation. Preqin’s Hedge Fund Onlinetracks six groups of service providers: fundadministrators, fund custodians, primebrokers, fund auditors, law firms andfund marketers. Together, these groupsperform a range of important servicesfor hedge funds, such as custody andvaluation of assets, facilitating securitieslending, providing advice on regulationand fund terms, as well as assisting withthe fundraising and investor subscriptionprocesses.Selecting appropriate service providersis one of the first steps of setting upa new fund; this allows managers toconcentrate more effectively on theirinvestment strategies and helps to providethe institutional-quality infrastructurethat investors increasingly seek beforecommitting capital to new vehicles.However, fund managers not only seekto select the best service providers atlaunch, but also continually reviewthese relationships in order to ensurethat they are getting the best value formoney and that the services provided aresuitable for their business. Among hedgefund managers surveyed by Preqin inNovember 2016, a quarter had changedat least one of their service providersin the previous year. Of these, 75% hadchanged one service provider and 18%had changed two, with 7% changing threeor more service providers over the year.Fund managers were most likely to changetheir prime brokers (39% of those that hadchanged service provider) and least likelyto change their fund custodian (19%).In order to retain hedge fund clients andwin new business, service providers needto address the two leading concerns offund managers: cost and quality of service.Fund managers that changed their fundadministrators, custodians, auditors andlaw firms most likely to do so because ofpricing, while those that changed theirprime brokers and fund marketers morefrequently did so because of the qualityof service. As fund managers facingincreased scrutiny of fees and operationsfrom investors seek to improve the valuethey get from their service providers, firmswill need to maintain a careful balance byimproving their service offering while stillreducing costs.The hedge fund service provider marketcontinues to develop as new playersenter the market and existing firms seekto offer new products to their clients.The changing business and regulatoryenvironment has also encouragedconsolidation of service providers insome areas, particularly among hedgefund administrators – SS&C GlobeOp’sSERVICE PROVIDERS CHANGED IN 2016*39%Prime Broker31%Fund Administrator28%Fund Auditor22%Fund MarketerLaw FirmFund Custodian20%19%*Based on the proportion of fund managers thatchanged a service provider.acquisition of hedge fund administrationbusinesses from Citigroup and Wells Fargoin 2016 has made it the largest providerby both total number of funds servicedand new business acquired (see page 5).In order to help service providers andfund managers navigate this changingenvironment, Preqin has put togetheranalysis of the leading service providersin each of these areas by total numberof hedge fund clients, new business andhedge fund segment (size and region),drawn from data on over 16,000 activehedge funds and over 2,000 serviceproviders from Preqin’s Hedge FundOnline.FIVE LEADING REASONS WHY FUND MANAGERS CHANGED SERVICE PROVIDERS IN 201655%41%20%19%15%CostDissatisfaction withquality of serviceGrowth in fund’sAUMInvestor concerns aboutservice providerTo cope withregulations3
Source new investorsBe the first to know about investors’ fund searchesView performance of individual fundsCustomize performance benchmarks to meet your needsAccess profiles for over 18,600 hedge fundsConduct market research and competitor analysisDevelop new businessRegister for demo access to find out how Preqin’s Hedge Fund Online can help your business:www.preqin.com/hedgealternative assets. intelligent data.
DOWNLOAD DATA PACK: www.preqin.com/HFSP17FUND ADMINISTRATORSLeading reasons why fund managers changed fund administrators in 2016:31%38%of fund managers changed afund administrator in 2016*.31%CostFig. 1: Top 10 Fund Administrators Servicing Hedge FundsNo. of Known HedgeFunds ServicedFirmSS&C GlobeOp1,512Citco Fund Services1,304State Street (International Fund Services)1,083BNY Mellon553Morgan Stanley Fund ServicesNorthern Trust Fund Administration495452HedgeServ361MUFG Investor Services344ALPS296NAV Consulting28425%Investor concerns aboutfund administratorDissatisfaction with qualityof serviceFig. 2: Top Five Fund Administrators by Proportion of HedgeFund Launches Serviced, 2016 - Q1 2017Proportion of Hedge FundLaunches Serviced,2016 - Q1 2017FirmSS&C GlobeOp19%Citco Fund Services13%State Street (International Fund Services)7%Morgan Stanley Fund Services5%Northern Trust Fund Administration4%Source: Preqin Hedge Fund OnlineSource: Preqin Hedge Fund OnlineFig. 3: Most Utilized Fund Administrators by Hedge Fund Assets under ManagementLess than 50mn 50-99mn 100-249mn 250-499mn 500-999mn 1bn or MoreBNY MellonSS&C GlobeOpSS&C GlobeOpSS&C GlobeOpCitco Fund ServicesState Street(International FundServices)SS&C GlobeOpBNY MellonState Street(International FundServices)Citco Fund ServicesSS&C GlobeOpCitco Fund ServicesNAV ConsultingState Street(International FundServices)BNY MellonState Street(International FundServices)BNY MellonJP Morgan FundServicesApex Fund ServicesCitco Fund ServicesCitco Fund ServicesBNY MellonState Street(International FundServices)SS&C GlobeOpState Street(International FundServices)Northern Trust FundAdministrationNorthern Trust FundAdministrationNorthern Trust FundAdministrationNorthern Trust FundAdministrationBNY MellonSource: Preqin Hedge Fund OnlineFig. 4: Most Utilized Fund Administrators by Hedge Fund Manager LocationNorth AmericaEuropeAsia-PacificRest of WorldSS&C GlobeOpCitco Fund ServicesCitco Fund ServicesBNY MellonCitco Fund ServicesState Street (International FundServices)HSBC Securities ServicesInvestment Data ServicesState Street (International FundServices)SS&C GlobeOpState Street (International FundServices)MaitlandMorgan Stanley Fund ServicesBNY MellonApex Fund ServicesBanco BradescoNorthern Trust Fund AdministrationSS&C GlobeOpCredit Suisse Prime Fund ServicesHedgeServ*Based on the proportion of fund managers that changed a service provider.Source: Preqin Hedge Fund Online5
PREQIN SPECIAL REPORT: HEDGE FUND SERVICE PROVIDERSFUND CUSTODIANSLeading reasons why fund managers changed fund custodians in 2016:19%50%of fund managers changed afund custodian in 2016*.Fig. 5: Top 10 Fund Custodians Servicing Hedge FundsNo. of Known HedgeFunds ServicedFirm20%CostGoldman Sachs2,999J.P. Morgan2,781Morgan Stanley2,424BNY Mellon1,740Deutsche BankCredit Suisse Prime Fund Services1,2551,245Bank of America Merrill Lynch1,185UBS1,165State Street Custody Services1,162Citi Transaction Services1,129To cope with regulations10%Growth in own AUMFig. 6: Top Five Fund Custodians by Proportion of Hedge FundLaunches Serviced, 2016 - Q1 2017Proportion of Hedge FundLaunches Serviced,2016 - Q1 2017FirmGoldman Sachs22%Morgan Stanley21%J.P. Morgan18%Northern Trust Custody Services12%BNY Mellon10%Source: Preqin Hedge Fund OnlineSource: Preqin Hedge Fund OnlineFig. 7: Most Utilized Fund Custodians by Hedge Fund Assets under ManagementLess than 50mn 50-99mn 100-249mn 250-499mnGoldman SachsJ.P. Morgan 500-999mn 1bn or MoreGoldman SachsJ.P. MorganGoldman SachsJ.P. MorganJ.P. MorganJ.P. MorganGoldman SachsJ.P. MorganGoldman SachsBNY MellonInteractive BrokersMorgan StanleyMorgan StanleyMorgan StanleyMorgan StanleyGoldman SachsMorgan StanleyUBSBNY MellonBNY MellonBNY MellonMorgan StanleyBNY MellonBNY MellonCiti TransactionServicesCredit Suisse PrimeFund ServicesState Street CustodyServicesState Street CustodyServicesSource: Preqin Hedge Fund OnlineFig. 8: Most Utilized Fund Custodians by Hedge Fund Manager LocationNorth AmericaEuropeAsia-PacificRest of WorldGoldman SachsMorgan StanleyMorgan StanleyBanco BradescoJ.P. MorganUBSGoldman SachsBNY MellonMorgan StanleyJ.P. MorganDeutsche BankBanco ItauBNY MellonBNY MellonUBSMorgan StanleyNorthern Trust Custody ServicesGoldman SachsCiti Transaction ServicesGoldman SachsSource: Preqin Hedge Fund Online*Based on the proportion of fund managers that changed a service provider.6 Preqin Ltd. 2017 / www.preqin.com
DOWNLOAD DATA PACK: www.preqin.com/HFSP17PRIME BROKERSLeading reasons why fund managers changed prime brokers in 2016:39%24%of fund managers changed aprime broker in 2016*.19%Dissatisfaction with qualityof serviceFig. 9: Top 10 Prime Brokers Servicing Hedge FundsNo. of Known HedgeFunds ServicedFirmGoldman Sachs3,051Morgan Stanley Prime Brokerage2,712J.P. Morgan1,968Credit Suisse Prime Fund Services1,306UBS Prime ServicesDeutsche Bank Global Prime Finance1,1051,111Bank of America Merrill Lynch929Citi Prime Finance679Barclays599Interactive Brokers58819%Growth in own AUMAt service provider’srequestFig. 10: Top Five Prime Brokers by Proportion of Hedge FundLaunches Serviced, 2016 - Q1 2017Proportion of Hedge FundLaunches Serviced,2016 - Q1 2017FirmGoldman Sachs30%Morgan Stanley Prime Brokerage30%J.P. Morgan19%Interactive Brokers12%UBS Prime Services11%Source: Preqin Hedge Fund OnlineSource: Preqin Hedge Fund OnlineFig. 11: Most Utilized Prime Brokers by Hedge Fund Assets under ManagementLess than 50mn 50-99mn 100-249mnGoldman SachsGoldman SachsGoldman SachsInteractive BrokersMorgan Stanley PrimeBrokerageMorgan Stanley PrimeBrokerageMorgan Stanley PrimeBrokerageJ.P. MorganJ.P. MorganJ.P. MorganCredit Suisse PrimeFund ServicesDeutsche Bank GlobalPrime FinanceUBS Prime Services 250-499mn 500-999mn 1bn or MoreGoldman SachsGoldman SachsGoldman SachsMorgan Stanley PrimeBrokerageMorgan Stanley PrimeBrokerageJ.P. MorganJ.P. MorganJ.P. MorganMorgan Stanley PrimeBrokerageUBS Prime ServicesCredit Suisse PrimeFund ServicesDeutsche Bank GlobalPrime FinanceCredit Suisse PrimeFund ServicesCredit Suisse PrimeFund ServicesDeutsche Bank GlobalPrime FinanceCredit Suisse PrimeFund ServicesDeutsche Bank GlobalPrime FinanceSource: Preqin Hedge Fund OnlineFig. 12: Most Utilized Prime Brokers by Hedge Fund Manager LocationNorth AmericaEuropeAsia-PacificRest of WorldGoldman SachsMorgan Stanley Prime BrokerageMorgan Stanley Prime BrokerageMorgan Stanley Prime BrokerageMorgan Stanley Prime BrokerageUBS Prime ServicesGoldman SachsGoldman SachsJ.P. MorganGoldman SachsUBS Prime ServicesCredit Suisse Prime Fund ServicesCredit Suisse Prime Fund ServicesCredit Suisse Prime Fund ServicesDeutsche Bank Global PrimeFinancePeregrine SecuritiesDeutsche Bank Global Prime FinanceJ.P. MorganCredit Suisse Prime Fund ServicesRand Merchant BankSource: Preqin Hedge Fund Online*Based on the proportion of fund managers that changed a service provider.7
PREQIN SPECIAL REPORT: HEDGE FUND SERVICE PROVIDERSFUND AUDITORSLeading reasons why fund managers changed fund auditors in 2016:28%50%of fund managers changed afund auditor in 2016*.21%CostFig. 13: Top 10 Fund Auditors Servicing Hedge FundsNo. of Known HedgeFunds ServicedFirm oitte1,409RSMEisnerAmper485407Grant Thornton328BDO310Spicer Jeffries193Arthur Bell, Certified Public Accountants1367%Dissatisfaction with qualityof serviceInvestor concerns aboutauditorFig. 14: Top Five Fund Auditors by Proportion of Hedge FundLaunches Serviced, 2016 - Q1 2017Proportion of Hedge FundLaunches Serviced,2016 - Q1 2017Firm 2%EisnerAmper2%Source: Preqin Hedge Fund OnlineSource: Preqin Hedge Fund OnlineFig. 15: Market Share of Leading Fund Auditors by Fund Size 1bn or More11% 500-999mn10% 250-499mn32%25%15% 100-249mn11% 50-99mn12%Less than %19%Rest of 2%North America18%60%80%100%Proportion of Funds Using a Big Four AuditorDeloitte10%28%24%22%14%35%Fig. 16 Market Share of Leading Fund Auditors by FundManager LocationPricewaterhouseCoopersSource: Preqin Hedge Fund Online10%0%25%19%20%40%18%60%80%100%Proportion of Funds Using a Big Four AuditorDeloitteEYKPMGPricewaterhouseCoopersSource: Preqin Hedge Fund Online*Based on the proportion of fund managers that changed a service provider.8 Preqin Ltd. 2017 / www.preqin.com
7,800Reasons to ContributeData to PreqinDon’t miss out on the opportunity to get your fund in front of over 7,800 investmentprofessionals at more than 3,800 institutional investors currently using PreqinInvestor Network. Get in touch to: Ensure investment decision makers view the most up-to-date information on yourvehicle.Generate incoming leads from investors coming to you.Help investment professionals cut through the crowded marketplace and find outwhat makes your offering unique.Contributing data is free and simple. For more information, please visit:www.preqin.com/sharedataalternative assets. intelligent data.
PREQIN SPECIAL REPORT: HEDGE FUND SERVICE PROVIDERSLAW FIRMSLeading reasons why fund managers changed law firms in 2016:20%42%of fund managers changed alaw firm in 2016*.33%CostFig. 17: Top 10 Law Firms Servicing Hedge FundsNo. of Known HedgeFunds ServicedFirmMaples & Calder485Seward & Kissel364Schulte Roth & Zabel271Walkers266Sidley AustinOgier174167Akin Gump Strauss Hauer & Feld136Dechert104Simmons & Simmons103Arendt & Medernach9217%Dissatisfaction with qualityof serviceTo cope withregulationsFig. 18: Top Five Law Firms by Proportion of Hedge FundLaunches Serviced, 2016 - Q1 2017Proportion of Hedge FundLaunches Serviced,2016 - Q1 2017FirmMaples & Calder11%Schulte Roth & Zabel8%Walkers7%Akin Gump Strauss Hauer & Feld6%Dillon Eustace5%Source: Preqin Hedge Fund OnlineSource: Preqin Hedge Fund OnlineFig. 19: Top 10 Law Firms Servicing Onshore Hedge FundsFig. 20: Top 10 Law Firms Servicing Offshore Hedge FundsFirmHeadquartersProportion of AllOffshore HedgeFunds Serviced10%Maples & CalderCayman Islands19%Luxembourg5%WalkersCayman Islands10%US5%Schulte Roth & ZabelUS8%Elvinger, Hoss & PrussenLuxembourg4%Seward & KisselUS8%Akin Gump Strauss Hauer& FeldUS4%OgierHeadquartersProportion of AllOnshore HedgeFunds ServicedUSArendt & MedernachSchulte Roth & ZabelFirmSeward & KisselSidley AustinSidley AustinUS3%Cayman Islands3%LinklatersUK3%Sadis & GoldbergUS2%Cole-Frieman & MallonUS2%Maples & CalderSource: Preqin Hedge Fund OnlineSimmons & SimmonsJersey6%US5%UK4%Ireland3%Akin Gump Strauss Hauer& FeldUS3%DechertUK3%Dillon EustaceSource: Preqin Hedge Fund Online*Based on the proportion of fund managers that changed a service provider.10 Preqin Ltd. 2017 / www.preqin.com
DOWNLOAD DATA PACK: www.preqin.com/HFSP17FUND MARKETERSLeading reasons why fund managers changed fund marketers in 2016:22%45%of fund managers changed afund marketer in 2016*.Fig. 21: Services Provided to Hedge Fund Managers by FundMarketers79%74%14%58%122%3%2-326%5%4-5Using DiscretionaryPowers to Invest Clients'Monies in Funds6-78-919%33%10 Source: Preqin Fund Manager Survey, November 2016Fig. 24: Services Provided to Hedge Fund Managers by FundMarketers26%Sovereign WealthFundSuperannuationSchemeBankPrivate SectorPension FundPublic PensionFundInsuranceCompanyFoundationAsset ManagerWealth ManagerEndowment PlanFund of HedgeFunds ManagerFamily Office16% 16%Investor TypeSource: Preqin Fund Marketer Survey, November Strategies Currently MarketingMangedFutures/CTA37%50%40%Macro Strategies42%Relative ValueStrategies53%58% 56%Multi-Strategy58% 58%70%60%Event DrivenStrategies63%Equity Strategies68%Proportion of Fund Marketers79% 79%Credit StrategiesMedia RelationsUsing Relationships andContacts with WealthyInvestors to BrokerIntroductionsDeveloping MarketingMaterials and RFPsGuiding Investorsthrough Subscription &Due Diligence Process9%Fig. 23: Investor Types Marketed to by Fund MarketersProportion of RespondentsGrowth in own AUMFig. 22: Typical Number of Hedge Funds Fund Marketers WorkwithSource: Preqin Fund Manager Survey, November 80%70%60%50%40%30%20%10%0%Targeting PotentialInvestorsProportion of Respondents36%Dissatisfaction with qualityof serviceStrategies Seeking to Work with in 2017Source: Preqin Hedge Fund Online and Fund Marketer Survey, November 2016*Based on the proportion of fund managers that changed a service provider.11
alternative assets. intelligent data.PREQIN SPECIAL REPORT:HEDGE FUND SERVICE PROVIDERSMAY 2017PREQINAlternative Assets Data & IntelligencePreqin provides information, products and services to fund managers,investors, consultants and service providers across six main areas: Investors – Allocations, Strategies/Plans and Current PortfoliosFund Managers – Funds, Strategies and Track RecordsFunds – Fundraising, Performance and Terms & ConditionsDeals/Exits – Portfolio Companies, Participants and FinancialsService Providers – Services Offered and Current ClientsIndustry Contacts – Direct Contact Details for Industry ProfessionalsNew York London Singapore San Francisco Hong Kong Manilainfo@preqin.comwww.preqin.com
alternative assets. intelligent data. Source new investors Be the rst to know about investors' fund searches View performance of individual funds Customize performance benchmarks to meet your needs Access pro les for over 18,600 hedge funds Conduct market research and competitor analysis Develop new business Register for demo access to nd out how Preqin's Hedge Fund Online can help your .
Section I Hedge Funds. 9 2. Introduction to Hedge Funds 11 3. Establishing a Hedge Fund Investment Program 37 4. Selecting a Hedge Fund Manager 57 5. Due Diligence for Hedge Fund Managers 69 6. Risk Management Part 1: Hedge Fund Return Distributions 93 7. Risk Management Part II: Additional Hedge Fund Risks
Source: Preqin Hedge Fund Online Hong Kong, home to 63bn of hedge fund AUM and 368 fund managers, is the centre of the hedge fund industry in Asia Paci c. In fact it is the third largest country globally, in terms of hedge fund capital managed, behind the US and the UK. Hong Kong has been a longestablished centre for hedge fund activity;
Hedge Fund Spotlight, the monthly newsletter from Preqin providing insights into the hedge fund industry, including information on investors, funds, performance and more. Hedge Fund Spotlight uses information from our online product Hedge Fund Online, which includes Hedge Fund I
South Africa’s hedge fund industry. Broadly speaking, the Hedge Fund Regulations established certain ‘fit and proper requirements’ for hedge fund managers, introduced the procedures which hedge fund managers are required to follow in order to obtain authorisation to act as such and the created of a Code of Conduct for hedge fund managers.
Hedge Fund Research (HFR) database, also the industry standard for hedge fund data. HFR, Inc. utilizes a UCITS compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe.
2 THE CONCEPT OF HEDGE FUNDS 6 3 TYPOLOGY OF HEDGE FUNDS 8 4 CHARACTERISTICS OF THE HEDGE FUND INDUSTRY 11 4.1 Location of hedge funds and their managers 11 4.2 Incentive structure and failure rates 17 4.3 Parties involved 18 4.4 Investors 19 4.5 Fund size 20 5 RECENT EVOLUTION OF THE HEDGE FUND BUSINESS 22 6 FINANCIAL STABILITY IMPLICATIONS 25
1.3. Enhanced Economics of Hedge Fund Seeding A seeder’s return potential is greater than that of other investors in a hedge fund because the seeder usually receives a portion of the hedge fund’s revenue stream. Thus, the seeder’s
I am a hedge fund manager I am an investor Global Hedge Fund Benchmark Study 8 This survey is part of an ongoing series of research projects conducted by AIMA, Simmons & Simmons and Seward & Kissel. We considered the health of the hedge fund industry and explore various trends prevalent in the hedge fund industry.
