The country’s wealthiest families last year — soured by hedge funds’ high fees and poor returns — continued to turn their backs on the so-called smart money. So-called “family offices” of the ultra-rich are putting less of their cash into hedge funds and more into other types of alternative investments — like private equity firms, according to a report out Tuesday. Last year was the third straight year family offices lowered the percentage of the funds allotted to hedge funds, according to the report. The average hedge fund returned 2 percent through August, according to Hedge Fund Research.