Hedge fund inflows climbed in the first quarter as investors piled into funds that specialize in mergers, activism and relative value arbitrage, according to Hedge Fund Research Inc. Net inflows totaled $1.1 billion at the end of March, according to a report Thursday by the industry researcher. It marked the fourth straight quarter of inflows following an increase of nearly $10 billion for the prior year. Total hedge fund assets globally increased $4.5 billion to a record $3.22 trillion, according to the report. Event-driven funds attracted the most money with inflows of $4.4 billion in the quarter.