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2011 global hedge fund survey - Global hedge fund survey key findings - EY - United States

2011 global hedge fund survey: coming of age

Global hedge fund survey key findings

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Investors want greater board responsibility and accountability in key areas.

Our fifth annual global survey finds that hedge fund managers and investors agree on some industry issues, but disagreement still exists over others.

The report, which juxtaposes the views of managers and investors, indicates that there are perception gaps in many important areas. Themes include:

A snapshot of how investors and
managers view the key themes

  • Governance. Only 45 % of investors said that their funds' Boards of Directors are very effective at carrying out their duties to funds, while almost 70% of managers feel the board is very effective.
  • Fund expenses. Seventy-six percent of investors want shadow accounting, but only 35% are willing to pay for it.
  • Administration. Three-quarters of investors said it is important that a hedge fund completely outsource valuation to an administrator, but 71% of managers perceive risks in this.
  • Succession. Two-thirds of investors feel that having a well-articulated succession plan is important to their investment decisions, while only 38%of managers agree.
  • Capital raising. There appears to be a lack of clarity between investors and managers about the loss of mandates. Almost 40 % of managers say they do not really know why they lost a mandate. Investors point to concerns about risk management policies, inconsistency of information presented and lack of independent Board or administration.

Subsequent chapters explore our survey findings across the following topics:

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