Hedge fund inflows fell by more than 80% in the first quarter, according to data released yesterday.

Investors added $2.6 billion to hedge funds in the first three months of the year, according to Lipper TASS. In the fourth quarter of last year, hedge funds took in $13.7 billion.

Event-driven hedge fund managers won the biggest inflows during the quarter.

The first-quarter decline was the fourth consecutive drop in quarterly inflows for hedge funds, Lipper TASS said.