GrowingUpANewEnvironmentforHedgeFunds-KPMG.PDFVIP

Growing Up: A New Environment for Hedge Funds 2015 KPMG/AIMA/MFA Global Hedge Fund Survey /growingup KPMG InternAtIonAl Foreword the hedge fund industry is in the midst of a transformation.the growth environment is constantly changing and, as a result, managers have become more focused than ever on improving operational effectiveness, increasing alignment of interest and delivering value to their investors. new strategies, new investors, new markets and new (and often more customized) products and services are changing the market dynamics. We see the evidence of change all around us. It is in the growing influence of institutional investors and the rapidly emerging markets. It is in the shift towards customization of products and fee structures. And it is in the macroeconomic trends that continue to buffet our industry. to better understand how all of these changes are impacting managers around the world, KPMG partnered with the Alternative Investment Management Association (AIMA) and the Managed Funds Association (MFA) to undertake a comprehensive survey, both online and in person, of hedge fund managers. We believe that – particularly in this time of rapid change – it is critical for our industry to share experiences, insights and leading practices. If we want our industry to grow (both in terms of total assets under management (AUM) and number of managers), we will need to break down barriers and adjust our strategies to continue to thrive. this year’s Global Hedge Fund Survey looks at the impact that this change is having on virtually every aspect of hedge fund management, from product mixes and fee structures through to markets and investor types, and provides keen insights gathered from our one-on-one interviews with some of the industry’s largest and most successful fund managers. Robert Mirsky Richard H. Baker Jack Inglis , , Partner,