With competition so fierce in the hedge fund industry, particularly for institutional money or to be selected for a fund-of-funds platform, hedge funds must pay greater attention to risk management, valuation and transparency, according to a Deloitte Research report, "Precautions That Pay Off: Risk Management and Valuation Practices in the Hedge Fund Industry."

Deloitte conducted an electronic survey among 60 hedge fund advisors, which regularly report data to Hedge Fund Research. Collectively, the 60 respondents manage 244 hedge funds in a wide array of strategies with more than $75 billion in assets under management.

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