Pension funds eye fee cuts but hedgies balk-study

* 40 pct of pension plans expect lower base fees

* Management, performance fees already cut in some cases

* 88 pct of hedge funds say they won't cut charges

LONDON, Feb 8 (Reuters) - Pension funds expect to negotiate lower fees with fund managers this year after securing cuts in 2009 in the aftermath of the financial crisis, although they face a battle with reluctant hedge funds, new studies said.

A survey by consultancy bfinance showed 40 percent of European and Canadian pension plans expect lower base fees and 25 percent expect lower performance fees this year from managers across most asset classes, as the funds industry competes to win back the investors who pulled out in recent years. Management fees have fallen over the past year for 28 percent of pension funds, while 19 percent said performance fees are lower.

"Fees have gone down and seem likely to be a hot topic in 2010," said David Vafai, chief executive of bfinance, in a statement. They survey was carried out in December and January.

However, a separate survey of hedge funds by bfinance showed the hedge fund industry, which rebounded strongly last year from 2008's record losses, feels more bullish about the high fees it charges.

The survey showed 88 percent of hedge funds, up from 56 percent a year ago, said they would not lower fees from a base fee of 1.5 to 2 percent and performance fees of 20 percent.

"The window of opportunity to secure substantially discounted fees from top hedge funds has now passed," said bfinance head of research and development Olivier Cassin. In another sign the hedge fund industry is getting back on its feet, the survey showed the proportion of hedge funds that would consider offering lower fees in return for investors locking up their money for a year dropped to 29 percent from 46 percent a year ago. (To read the Reuters Hedge Fund Blog click on blogs.reuters.com/hedgehub; for the Global Investing Blog click here) (Reporting by Laurence Fletcher; Editing by David Cowell)