At one point managing north of $3.4 billion, Liongate’s assets have fallen under $500 million, according to the Wall Street Journal citing a person familiar with the matter, and the firm has begun returning cash to investors.  Liongate was founded in 2003 by Randall Dillard and Jeff Holland in 2003 as a fund of hedge funds. It offers a flagship fund, the Liongate Multi-Strategy Fund, as well as custom portfolios for investors via separately managed accounts. It performed well through the financial crisis, gathering $800 million in assets in 2008 and some $300 million during a six-week period in mid-2009...