NEW YORK--(BUSINESS WIRE)--Hedge fund industry profits in 2013 reached $31.2 billion but poor performance in 2014 cut that figure by 30% to only $21.9 billion, a loss of nearly $10 billion, Citi (NYSE: C) estimates in their 3rd Annual Hedge Fund Industry Operating Metrics Survey. Institutionalization of the hedge fund investor base has shifted the profitability ratios of the industry, Citi notes. Profits derived from management fee revenues now equal profits from performance fee revenues in yea