For a conference entitled Delivering Alpha, a panel on the two-and-twenty hedge fund fee structure is critical, since that fee structure is so tightly the notion of managers producing actively market-beating returns.

As Institutional Investor editor Michael Peltz asked out when he introduced the panel, “The business has grown ... with two trillion dollars in assets, 10,000 hedge funds and countless managers, is it still possible to deliver the alpha to justify this two-and-twenty fee structure?”

On the panel were Steven Algert of the J. Paul Getty Trust, Clifford Asness of AQR Capital Management, Jonathon Jacobson of Highfields Capital Management and Protoge Partners’ Ted Seides.

CNBC and Institutional Investor will be teaming up for Delivering Alpha again on July 18 in New York City. Leading up to the conference, we will be sifting through the best of last year’s Delivering Alpha and previewing this year’s content, which includes the return of Treasury Secretary Timothy Geithner as keynote speaker. We’ll also have two of his predecessors at Treasury in Hank Paulson and Robert Rubin, as well as Preet Bharara, U.S. Attorney for the Southern District of New York. And from the ranks of the country’s best investors we’ll have private equity giant Henry Kravis of KKR, Leon Cooperman of Omega Advisors, Pete Briger of Fortress Investment Group and William Ackman of Pershing Square. For the full agenda, visit the Delivering Alpha website.