Question 1 Which of these trends has been observed in the fund management industry over the last 5- 10 years? (a) High industry growth rates - in excess of GDP (b) Movement towards defined contribution pension funds, relative to defined benefit (c) Growth in the hedge fund industry (d) Concentration of fund managers, especially at the larger end (e) All of the above Question 2 Which of the following types of funds are less likely to be considered part of the wholesale (i.e. institutional) segment of the fund management industry? (a) Defined Benefit Superannuation Funds (b) Retail Superannuation Funds (c) Self-Managed Superannuation Funds (SMSFs) (d) Endowments and Foundations (e) Sovereign Wealth Funds