In December 2012, SEI, through its subsidiary, SEI Knowledge Partnership, released the results of an online survey of senior managers at 220 institutional investors, investment consultants and fund of hedge fund (FOHF) managers concerning their views of the fund of funds business.  Two-thirds of the investors and consultants and more than half of the managers surveyed agreed that FOHFs “must reinvent their business model in order to survive.”  SEI’s sobering report highlights problems afflicting the FOHF industry and proposes several ways for the industry to adapt.  SEI found a “marked disconnect between investor/consultant and manager responses on some key issues. . . .”  This article summarizes SEI’s report.