A December 2009, Barclays Capital’s Prime Services Division report on the hedge fund industry, entitled “Raising the Game,” found that hedge funds attracted $150 billion in new assets in the first nine months of this year.  Despite that inflow, the report stated that assets under management (AUM) remain an average of 32 percent below peak levels two years ago.  Even so, hedge fund managers surveyed for the report representing a combined total of $387 billion of AUM, or approximately one third of the industry, expressed optimism regarding future inflows.  Notably, the survey also found that hedge funds are devoting more resources to differentiate themselves as a result of the financial crisis.  See also “The Four P’s of Marketing by Hedge Fund Managers to Pension Fund Managers in the Post-Placement Agent Era: Philosophy, Process, People and Performance,” Hedge Fund Law Report, Vol. 2, No. 45 (Nov. 11, 2009).  This article details the most salient findings of the report and their implications.