Ernst & Young (EY) recently released the results of its 2015 Global Hedge Fund and Investor Survey, entitled “The Evolving Dynamics of the Hedge Fund Industry.”  EY explored fund managers’ perspectives on growth priorities, fees and expenses, prime brokerage fees, cash management, technology and outsourcing.  It also examined investors’ perspectives on sourcing non-traditional hedge fund products through hedge fund managers, fund fees, expense allocations and outsourcing.  This article summarizes the survey’s key findings.  For coverage of EY’s 2014 survey, see “Ernst & Young’s 2014 Global Hedge Fund and Investor Survey Considers Growth Areas for Hedge Fund Managers, Related Costs and Challenges, Operating Expenses and Cybersecurity,” Hedge Fund Law Report, Vol. 8, No. 2 (Jan. 15, 2015).  For coverage of EY surveys from prior years, see the 2013 survey, Vol. 6, No. 46 (Dec. 5, 2013); 2012 survey, Vol. 5, No. 44 (Nov. 21, 2012); 2011 survey, Vol. 5, No. 1 (Jan. 5, 2012); and 2009 survey, Vol. 2, No. 46 (Nov. 19, 2009).