On January 10, 2011, SEI − a global provider of outsourced asset management, investment processing and investment operations solutions − released the results of a poll conducted at the company's annual hedge fund chief financial officer (CFO) forum.  The poll identified six areas of concern for CFOs, but it also identified opportunities, particularly for managers who have or can obtain scale.  Among other things, the poll provides insight into why a disproportionate volume of recent allocations has gone to larger hedge fund managers.  This article summarizes the results of the poll, and describes the bases of competitive advantage in the hedge fund business.  (They are not what you might think.)