Hedge fund investors redeemed $103 billion in the first quarter, with $85 billion of that coming out of hedge funds-of-funds, according to Hedge Fund Research, leaving remaining assets of about $1.3 trillion.

Redemptions slowed about 32% from the $152 billion that investors took out in the final quarter of 2008. About $50 billion of those redemptions were from hedge funds-of-funds.

Between redemptions and market decline, hedge funds now manage $600 billion less than the middle of 2008, when the industry was at its peak.

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