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Outflows from hedge funds soared to $74 billion in January, the second-highest level on record, according to TrimTabs.

The figure would have been even higher, were it not for a bear market rally early in the month, TrimTabs said. The biggest outflows came from event-driven funds, which lost $19.8 billion. The only category to take in money was merger-arbitrage funds, which reaped $2 billion.

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