<p>Team-based hedge funds lost billions in cash and some of their cachet this year, creating an uncertain future for a strategy that had long been an industry darling.</p> <p>Since January, investors pulled some $7 billion in assets from so-called multi-manager funds, data from research firm eVestment show. This marks a sharp reversal for a strategy whose promises of diversified strategies and strong returns drew in $56 billion in new cash in 2015.</p>