Hedge funds lost a combined $208 billion of client cash last year, marking the biggest single-year decline for the industry since the global financial crisis of 2008, when combined losses totalled $565 billion, according to a report by Reuters.

The report cites research by LCH Investments, a fund of funds firm that tracks returns and is part of the Edmond de Rothschild Group, as showing that the overall losses came despite some firms, including Ken Griffin's Citadel, chalking up bumper gains.

Citadel made a record $16 billion profit investors last year – the largest ever annual gain for a hedge fund. But with many firms, including Tiger Global Management and Point72, struggling as global markets slumped, the top 20 best performing hedge fund managers earned a combined $22.4 billion for investors in 2022, their slimmest gains since 2016 and less than half of the combined $65.4 billion they made in 2021.