Investors redeemed $46bn (€35.3bn) from hedge funds in November as the industry endured its second consecutive month of outflows.

Performance for the global hedge fund industry was flat in November with a loss of 0.4%, according to Singapore-based research provider Eurekahedge. It was an improvement over the losses suffered over the previous five months, which have pushed returns down 12.5% for the year through November 30.