Satellite Asset Management LP stopped client withdrawals from its three largest hedge funds and eliminated more than 30 jobs after losses reduced the firmā??s assets to about $4bn this year.
Satellite Overseas Fund Ltd., Satellite Fund II LP and Satellite Credit Opportunities Ltd. have declined as much as 35 per cent in 2008, according to people with knowledge of the fundsā?? performance. Satellite had about $7bn under management at the end of last year.
Satellite was started in 1999 by Lief Rosenblatt, Gabe Nechamkin and Mark Sonnino, who worked together for 11 years at Soros Fund Management LP in New York.
According to a person familiar with the matter, the company has received withdrawal notices, which are effective through June, for 21 per cent of the $2bn Satellite Overseas Fund Ltd.
