During recent years, hedge funds have faced increasing challenges both from aregulatory and a market standpoint. Regulation has become more stringent, requiringmost large hedge funds to register with the SEC. Moreover, hedge funds performancehas been below expectations. In light of new challenges and opportunities, and the factthat most investors in hedge funds nowadays are institutions rather than wealthyindividuals, where to you see the hedge fund industry heading in the next severalyears? In which way do you think the industry will evolve?