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The first Boeing 787 Dreamliner sits on the assembly line at the company's Everett plant in Washington in this May 19, 2008 file photo. REUTERS/Robert Sorbo/Files

Aerospace and Defense

Defense budgets are not declining as sharply as some had feared, but companies are scrambling to ensure continued earnings growth. Get exclusive insight into the defense sector from the Reuters Aerospace and Defense Summit.  Full Coverage 

    Satellite halts client withdrawals from 3 hedge funds: report

    Thu Nov 27, 2008 2:06pm EST

    (Reuters) - Satellite Asset Management, founded by former employees of billionaire George Soros, stopped client withdrawals from its three largest hedge funds, Bloomberg reported.

    The company also eliminated more than 30 jobs, after losses reduced the firm's assets to about $4 billion this year, according to the report.

    Satellite Overseas Fund Ltd, Satellite Fund II LP and Satellite Credit Opportunities Ltd have declined as much as 35 percent in 2008, Bloomberg reported, citing a person with knowledge of the funds' performance.

    The firm is retaining teams that trade bonds and loans and invest in companies going through events such as takeovers, Bloomberg said, citing the unnamed source.

    (Reporting by Ramya Dilip in Bangalore; Editing by Mike Nesbit)


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