November 27, 2008 / 7:08 PM / 11 years ago

Satellite halts client withdrawals from 3 hedge funds: report

(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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