The hedge fund industry is in the midst of a “crisis-like” wave of negative sentiment from its clients, with another month of outflows from investors unwilling to pay “high fees for mediocrity”, according to a report from eVestment.

Investors pulled an estimated $14.2 billion from the $3.03 trillion hedge fund industry in October, bringing the total amount of money pulled from hedge funds to $77 billion so far this year, according to eVestment's October Hedge Fund Industry Asset Flow Report.