Global hedge fund assets dropped below $3 trillion for the first time since April 2014, hit by client withdrawals and investment losses amid the March market rout, eVestment data show.

Investors pulled $24.1 billion more funds than they deposited last month, according to the data provider. Almost 80% of managed futures funds were hit by net redemptions, along with about 66% of macro hedge funds and 63% of multi-strategy hedge funds.

“The flows in March likely do not encapsulate the full extent of the impact of this current crisis,” eVestment wrote in a note dated Friday. “Rather, it appears some investors reacted in the short term with hasty redemptions, some likely followed through on planned redemptions, while new allocations slowed significantly.”

The March withdrawals wiped out any fresh capital the industry took in the first two months of 2020, resulting in $8 billion of net outflows in the first quarter. Hedge funds around the world now oversee an estimated $2.95 trillion.