Under pressure from innovation, demanding clients and Old Father Time, hedge funds have recently faced their fair share of challenges. As in most industries, a rapidly evolving environment could spell the end for those who fail to keep pace. But in a Darwinian industry, those who innovate and adapt could ultimately benefit – and so will their clients. In a new report, the Alternative Investment Management Association (AIMA) explored these challenges. It outlined a vision of the industry’s future – one that welcomes the challenge of change. In recent years, innovative approaches have transformed the investment landscape.