Infovest21, LLC, an information services company for the hedge fund industry, conducted its eighth annual executive compensation survey of hedge fund managers in the fall of 2009.  The survey aimed to: (1) analyze the compensation structures of hedge fund managers during the current year; and (2) examine major trends as perceived by fund managers.  It analyzed results separately for those managers with assets over $1 billion and those with assets under $1 billion.  This article focuses on the salient findings from the former category, addresses the survey’s approach and methodology and describes the profile of the respondents surveyed (including an analysis of recent cost cutting efforts).  Importantly, this article also details compensation trends for employees at various levels at hedge fund managers, factors affecting compensation and the impact of asset size on the survey findings.