This report examines the critical trends in the Hedge Fund industry, particularly as more mutual fund families and RIAs enter the marketplace with fund-of-funds and other low-minimum hedge fund products. This study explores the various types of hedge strategies and products currently offered in the institutional, foundation, endowment, HNW arena, providing a comprehensive understanding of the industry. We include a detailed look at product development, risk management issues, and distribution opportunities, and offer an outlook for the Hedge Fund industry as it pertains to mass affluent and retail investors.