Reuters – Some of the world’s biggest hedge funds suffered a dramatic drop in assets in the first half of 2008 as financial markets tumbled and many investors asked for their money back, according to a survey released on Monday.

Renaissance Technologies, which runs one of the world’s most successful hedge funds that also charges some of the world’s highest fees, saw assets under management shrink by 14.71 percent during the first six months of the year. The firm, run by former mathematics professor Jim Simons, managed $29 billion at the end of June, according to a survey conducted by magazine Absolute Return.

While total assets may have shrunk, its $8 billion Medallion fund soared 48 percent at the end of July, net of fees, the New York Post reported, citing people familiar with the returns.

Farallon Capital Management’s assets declined 8.3 percent to $33 billion, and Goldman Sachs Asset Management saw assets fall 7.9 percent to $26.9 billion.

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