Hedge fund managers are looking to fund administrators to provide a growing variety of administrative, accounting, custodial and asset confirmation services. See “Application to Hedge Fund Managers of the Internal Control Report Requirement of the Amended Custody Rule,” Hedge Fund Law Report, Vol. 3, No. 6 (Feb. 11, 2010). The evolving hedge fund industry, changing regulatory landscape and heightened investor demands for greater and more timely information reporting have ratcheted up expectations for fund administrators, and fund administrators are striving to meet these heightened expectations. See “Hedge Fund Administration Faces a ‘Perfect Storm’: An Interview with Confluence Technologies Senior Market Analyst Scott Powell,” Hedge Fund Law Report, Vol. 2, No. 25 (Jun. 24, 2009). Recently, Deloitte LLP (Deloitte) published a report in which 70 third party fund administrators from 11 countries were surveyed on the biggest challenges they face (Deloitte Survey). As indicated by fund administrator respondents, the biggest challenges fall into several general categories: regulatory changes; cost containment; implementation of streamlined processes and new technology; and pressure on fees. This article discusses the findings from the Deloitte Survey. The survey findings can, among other things, help hedge fund managers select administrators, enable administrators to better focus their resources and assist investors in performing due diligence on administrators. See “Legal, Operational and Risk Considerations for Institutional Investors When Performing Due Diligence on Hedge Fund Service Providers,” Hedge Fund Law Report, Vol. 3, No. 27 (Jul. 8, 2010).