Ernst & Young (EY) recently released the results of its tenth annual Global Hedge Fund and Investor Survey, which explored – among other things – industry risks, investor allocation preferences, management fee pressures, manager growth strategies, product customization and trends in non-traditional products. This first article in a two-part series summarizes the survey’s findings in these areas. The second article will detail the survey’s results with respect to marketing, operational efficiency, prime brokerage and talent management. For coverage of EY surveys from prior years, see “Hedge Fund Growth Priorities, Fee and Expense Climate, Prime Brokerage and Operational Matters” (Dec. 3, 2015); “Growth Areas for Hedge Fund Managers, Related Costs and Challenges, Operating Expenses and Cybersecurity” (Jan. 15, 2015); and “Trends in Asset Sourcing, Alternative Mutual Funds, Customized Solutions, Staffing, Administrator Shadowing, Expense Pass-Throughs and Outsourcing” (Dec. 5, 2013).