After their worst year in decades hedge fund managers are struggling to convince investors their high fees are worth the risk.The Wall Street Journal reported this morning that the industry's collective influence may be weakening as some funds are resorting to fee cuts to keep investors from withdrawing their money.Most hedge funds charge a flat fee of 2% of assets under management plus an incentive bonus of as high as 20% of profits. The idea is that hedge fund employees are best-of-breed: The chosen few deft enough to outmaneuver the market and rake in big profits.But the events of the ...