New York based hedge fund Satellite Asset Management is closing its doors six months after suspending redemptions.
The firm, with $2.8 billion in AUM, has begun returning money to investors in its three funds, Bloomberg News reported. The three funds being liquidated are the Satellite Overseas Fund, Satellite Fund II and its largest fund, the Satellite Credit Opportunities fund. In late 2008, Satellite reported its $2billion Credit Opportunities Fund was down as much as 35% and was facinf large redemption requests.
The firm, founded by a trio of Soros Fund Management veterans a decade ago (Lief Rosenblatt, Gabe Nechamkin, and Mark Sonnino) managed as much as $7 billion as recently as the end of 2007. It lost some 35% last year, and was forced to halt withdrawals in November.