By Mike Saville, Grant Thornton – Previously, a number of superstar hedge fund managers felt that investors should be honoured to have their subscriptions accepted, and consequently dictated the terms of the investment. Today, however, things have changed. Increasingly, institutional investors are dominating cash inflows to hedge funds, and their needs are different. Given the size of ticket many are writing, the tables have turned. They are now the ones dictating the terms to managers. Not surprisingly, the scene is set for conflict.