Ernst & Young (EY) recently released the results of its seventh annual Global Hedge Fund and Investor Survey.  The survey revealed the perspectives of hedge fund managers and investors on topics including strategic priorities, operating revenues and costs, investor allocations to hedge funds, new products and services, expense pass-throughs, administrator shadowing, outsourcing and predictions for future hedge fund industry trends.  This article summarizes the key findings of the survey.  For coverage of EY’s 2012 survey, see “Ernst & Young’s Sixth Annual Global Hedge Fund Survey Highlights Continued Divergence of Expectations between Managers and Investors,” Hedge Fund Law Report, Vol. 5, No. 44 (Nov. 21, 2012).