For Och-Ziff Capital Management, December was 2008 in microcosm.

The New York-based hedge fund giant saw its flagship OZ Master Fund shed 1.55% in the final month of the year, leaving it down 15.5% on the year, the firm said today. Och-Ziff’s Asia fund was more than twice as bad, dropping 3.5% in December and more than 30% year-to-date.

December was also the culmination of a nightmarish year for Och-Ziff, which, like other hedge funds, faced huge year-end redemptions. Between investment losses and investors yanking their money, Och-Ziff saw $5.5 billion in assets—almost one-fifth of its assets under management—disappear last month. The firm now manages $22.1 billion.