A top industry expert is to announce the key findings of a major survey on hedge funds at a meeting in Bermuda on Thursday.

Michael Lee, who has just been appointed global asset management leader at EY, will reveal the results of the annual survey at the Global Hedge Fund Symposium.

The survey found that hedge fund managers who survived the global downturn are looking for new avenues as the sector matures.

But EY said: “The survey shows that while managers want to grow their assets under management through new products and distribution channels, investors do not necessarily plan to increase allocations to hedge funds and are not interested in buying multiple products from one manager.”

The report added: “A majority of investors (72 percent) say that they expect to maintain current allocation level, while managers, particularly smaller managers, remain bullish about both inflows and market appreciation — managers with less than $10 billion under management are budgeting for 15 percent growth in 2013.”

EY’s Michael Serota said investors were less interested in buying multiple products from the same managers, despite managers themselves been keen to diversify.

He added: “Instead they seek the best type of manager for particular strategies.

“This explains why managers attract money from new clients at almost the same rate as do from existing clients.”

The report added that hedge fund managers were also seeking to cut costs to satisfy investors and maintain margins.

It said: “According to the survey, two in three mangers reported an increase in revenues over the past year as performance improved and assets grew.

“However, just half of managers reported improvements in margins. One in three managers said margins declined and another ten percent noted margins remained unchanged as costs increased.”

The symposium — one of 20 held in major financial centres — will take place at the Fairmont Hamilton Princess between 9am and noon.

Minister for Economic Development Dr Grant Gibbons will be the keynote speaker at the conference, which will include panel discussions on insurance linked assets and private equity markets, as well as insights into the sector from a Bermuda and global perspective.

To register or for more information, contact ernst.young@bm.ey.com.