Investors are pulling money from hedge funds at a rate unseen since the financial crisis.

In the third quarter, investors withdrew $28 billion from hedge funds, according to data provided by HFR — bringing the total drained from the alternative investments in 2016 to $51.5 billion.

The third-quarter withdrawals are the highest since the second quarter of 2009, when nearly $43 billion was siphoned off.

In another unsettling piece of financial crisis déjà vu: 2016 hedge fund liquidations are outpacing launches, 530-406.

Despite the redemptions, hedge fund assets rose $73.5 billion in the three months ended Sept. 30 — to a record $2.97 trillion — as performance improved.

Hedge funds have returned an average of 4.2 percent this year, but that still lags the S&P 500’s 7.7 percent gain.