As hedge funds become more institutional, and we predict that eventually 85 percent of assets will come from institutions, there will be downward pressure on fees. We just aren't seeing it yet.

Institutions are putting money into hedge funds to access some of the world's best investment management talent and to source returns that aren't correlated to the markets.

We are also in the grips of liquidations by hedge funds and a lot of dealers don't want to see big exposures,

Japanese institutional investors as well as mutual funds finally started to buy foreign currency-denominated assets, after having stayed on the sidelines for some time since the start of the new fiscal year.

Registered funds have opened up hedge funds to a broad audience.

Successful hedge funds will be entrepreneurial; it is the essence of the craft.