In the hedge fund market, customized products are growing in popularity, leading institutional investors to optimize existing relationships and strengthen partnerships with a more concentrated group of managers, according to a survey by Credit Suisse Group. The survey, which polled 310 global institutional investors, found 58 per cent of allocations made over the last 12 to 18 months were to alternative structures, particularly bespoke managed accounts and co-investments. As a result, institutional portfolios are consolidating their hedge funds, with the number down to an average of 31 managers, representing a 35 per cent drop since 2009.