The hedge fund industry has a problem

The hedge fund industry has a problem. There are too many hedge funds. 
That's according to a Barclays survey of 340 investors managing $8 trillion in total, released this week.
The UK bank asked survey participants why hedge funds have underperformed expectations. The most popular answer was that the industry has now gotten too big relative to the number of opportunities. 
The industry has as many as 11,000 funds worldwide now, managing about $3 trillion in assets.
It's been phen