During recent years, hedge funds have faced increasing challenges both from a regulatory and a market standpoint. Regulation has become more stringent, requiring most large hedge funds to register with the SEC. Moreover, hedge funds’ performance has been below expectations. In light of new challenges and opportunities, and the fact that most investors in hedge funds nowadays are institutions rather than wealthy individuals, where to you see the hedge fund industry heading in the next several years? In which way do you think the industry will evolve?