TAILIEUCHUNG - 2013 Hedge Fund Outlook Some gains, more pain

They say what doesn’t break you makes you stronger. For hedge funds, 2012 was a backbreaking year to put it mildly. Heightened market volatility, stressed global macroeconomic conditions, and underperformance relative to traditional investing vehicles were just a few of the factors that challenged hedge funds in 2012. Add the extra weight of an increasing regulatory burden, and many fund leaders might have been forgiven for packing it in. But something telling happened instead — the industry emerged from 2012 stronger than it went in, surpassing the records it set in 2007 for assets under management (AuM) and absolute number of Those that remained settled into a more measured and sustainable. | Deloitte 2013 Hedge Fund Outlook Some gains more pain Deloitte Center for Financial Services Table of contents 1 Introduction 2 Fostering a compliance culture 3 Competing for new assets with targeted strategies 4 Addressing fee pressure through operational streamlining 5 Conclusion 6 Contacts Introduction They say what doesn t break you makes you stronger. For hedge funds 2012 was a backbreaking year to put it mildly. Heightened market volatility stressed global macroeconomic conditions and underperformance relative to traditional investing vehicles were just a few of the factors that challenged hedge funds in 2012. Add the extra weight of an increasing regulatory burden and many fund leaders might have been forgiven for packing it in. But something telling happened instead the industry emerged from 2012 stronger than it went in surpassing the records it set in 2007 for assets under management AuM and absolute number of Those that remained settled into a more measured and sustainable pace of growth with money flowing mainly to hedge funds who altered their routines by adjusting to new demands from regulators and investors while looking for new ways to streamline back-office operations. The coming year will be no less challenging. With the Securities and Exchange Commission SEC registration now behind them hedge funds will be subject to ongoing Form PF reporting and for the first time risk-based examinations. We also expect there to be some additional clarity on other pending matters on the regulatory front. Additionally institutional investors whose hedge fund allocations have increased five-fold since 2003 will continue to exert pressure on companies for greater transparency and customized fee arrangements more closely aligning manager and investor Despite these ongoing challenges we believe the industry is positioned to grow opportunistically in 2013. Institutional investors appetite for alternatives continues to increase as bond yields hover

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