This isn’t going to end well. The big money of pension investing that is. Imagine all of the money leaving hedge funds, and for indexing? It’s like everyone deciding to run from starboard to port aboard the same ship. Geoffrey Rogow details the hedge fund massacre taking place.

Investors pulled nearly $7 billion from the largest publicly traded hedge-fund firm in the U.S. in the first four months of 2017, the latest sign of investor disillusionment with Wall Street’s most prominent money managers.

Och-Ziff Capital Management GroupOZM -2.90% LLC said Tuesday that it received net redemptions of $4.8 billion in the first quarter and $2.1 billion from April 1 to May 1. That follows $8 billion in redemptions during 2016. Total assets at the firm fell 24% from a year earlier to $32 billion as of May 1.

Shares of the company were down 2.9% Tuesday and have declined 41.5% over the past year.

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