Citi Prime Finance (Citi) recently released its 2013 Business Expense Benchmark Survey (Survey), which provides an overview of hedge fund management company expenses by firm size and region; shows how the components of management company costs change as firms grow; looks at headcount trends and profitability per employee; benchmarks current practices with respect to expense chargebacks to funds; and highlights industry perspectives on the costs and other burdens imposed by new regulations.  This year’s data set draws on, and augments, the data Citi used in preparing its 2012 business expense survey.  See “Citi Prime Finance Report Dissects the Expenses of Running a Hedge Fund Management Business, Identifying Components, Levels, Trends and Benchmarks,” Hedge Fund Law Report, Vol. 6, No. 1 (Jan. 3, 2013).  This article summarizes the key findings from the Survey.