Hedge Funds Review is reporting that the hedge fund industry posted its strongest gains since 1999.  However, a large portion of managers are unable to collect their performance fees and are relying on their management fees to pay their staff, as reported by the The Wall Street Journal.  It is reported that although the average hedge fund performance in 2009 was 20%, most hedge funds were still not able to collect their performance fees at the end of 2009.  Hedge Fund Research Inc. estimated that only about 31% of hedge funds were able to collect performance fees at the end of the fourth quarter. A majority of hedge fund managers were not able to surpass their high water marks at the end of 2009.