As hedge funds proliferate in an increasingly complex regulatory and marketing environment, there are numerous governance issues that hedge fund managers must address.  In its recently released Fund Governance Review 2015 (Review), DMS Offshore Investment Services examines key themes for maintaining sound fund governance practices with respect to regulation, institutionalization and customization.  This article summarizes the main points in the Review.  For another survey of fund governance issues, see “2013 Walkers Fundamentals Hedge Fund Seminar Highlights Trends in Cayman Fund Structures and Terms, Cayman and Irish Fund Governance Developments, Conflicts of Interest, Use of Advisory Boards and Fund Borrowing,” Hedge Fund Law Report, Vol. 7, No. 1 (Jan. 9, 2014).