Amundi SA, Europe’s biggest asset manager, is stopping allocation to hedge funds to focus on mutual funds and other cheaper alternatives. Inflows into offshore hedge funds, such as those registered in the Cayman Islands, has slowed to a trickle this year amid disappointment with high fees and low returns, and many investors are turning to alternatives that offer lower fees, easier withdrawal and more transparency. Amundi is “refocusing on traditional and liquid alternatives,” a company spokeswoman said by email.