Ernst and Young yesterday announced the publication of their Global Hedge Fund Survey 2007. To read some of the highlights, please click here. 100 of the top global hedge funds were polled for the survey.

Some interesting findings:

* Managers believe valuation transparency is the greatest regulatory challenge and the second largest area of operational risk. Therefore “greater emphasis is being placed in a consistent approach to pricing and reporting on portfolios.”

* 58% of respondents reported that Risk Management technology systems will an area in which they will be investing heavily in the next two years.

* Reporting tied with client service for the #1 service for hedge funds prime brokers should focus on improving over two years.