(Bloomberg) — Hedge fund veteran Richard Perry's decision to quit after almost three decades betting on the success or failure of mergers and acquisitions couldn't have come at a worse time for money managers following comparable strategies.

Event-driven hedge funds speculating on corporate deals and restructurings are falling out of fashion, with investors withdrawing $31 billion from managers this year, the most of any hedge-fund strategy, according to data from industry tracker eVestment, and more funds are closing than opening.

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