Assets managed by hedge funds dropped to $2.86 trillion from $2.9 trillion during the first quarter as managers posted losses and investors withdrew a net $15.1 billion, the most since the second quarter of 2009, according to Hedge Fund Research Inc. The HFRI Fund Weighted Composite Index declined 0.7 percent during the quarter, recovering from deeper losses in the first two months of the year. Macro hedge funds suffered $7.3 billion in outflows, while event-driven money managers saw about $8.3 billion pulled out.

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