Satellite Asset Management Halts Client Redemptions at 3 Largest Funds
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According to reports from Bloomberg, Satellite Asset Management has halted client redemptions at its three largest funds -- Satellite Overseas Fund Ltd., Satellite Fund II LP and Satellite Credit
Opportunities Ltd. Satellite also cut about 30 jobs following major losses that have reduced the hedge funds assets from about $7 billion at the end of last year to about $4 billion this year.
Citing sources familiar with the hedge fund, Satellite may have seen losses of as much as 35% at the previously mentioned funds. Specifically, for its Overseas Fund, Satellite has received withdrawal notices for 21% of its assets.
The move follows one of the most devastating months in hedge fund history; just last month, investors pulled about $40 billion from hedge funds amid massive industry-wide losses which are believed to total about $115 billion.
According to its latest 13F filing, some of Satellite's largest positions are in Great Atlantic & Pacific Tea Company (NYSE: GAP), DRS Technologies (NYSE: DRS), Trian Acquisition (AMEX: TUX), Enterprise Acquisition (AMEX: EST) and GHL Acquisition (AMEX: GHQ).
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