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Satellite Asset Management - various

2009-05-08

Count of distinct funds: 3
Capital base: $7B (end of 2007)
Loss: down 35% in 2008; AUM down to $2.8B to date

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stories: bloomberg.com

Losses -- and more importantly, withdrawals -- sent this Soros-alum-founded outfit reeling over the past year, leading to throwing in the towel as of May 8th, 2009. Bloomberg has more:

The New York-based firm has started returning money to investors from its three funds, Satellite Overseas Fund Ltd., Satellite Fund II LP and Satellite Credit Opportunities Ltd., which together had $2.8 billion, said the person, who asked not to be named because the information is private. Lief Rosenblatt, 55, a Satellite founder, didn’t respond to a call or an e-mail seeking comment.

Satellite, which oversaw about $7 billion at the end of 2007, was started 10 years ago by Rosenblatt, Gabe Nechamkin and Mark Sonnino, who worked together at Soros Fund Management LP. Satellite in November halted client withdrawals from its funds, which lost more than 35 percent last year, the person said.

...

The firm’s $1.5 billion Satellite Overseas Fund Ltd., its largest, returned about 6.7 percent this year through April, said the person. Satellite has about 50 employees, down from about 120 people at the start of last year.

That is a sizeable set of out-of-work hedgies. We wish them luck.

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Important: This fund is on our list of hedge funds that have "imploded" (see also ailing lenders). However, please note that "imploded" is a somewhat subjective. The "imploded" list contains hedge funds (or other unregulated and autonomous speculative investment funds) which have gone through some sort of permanent adverse change. This is a somewhat subjective call, and does not necessarily mean total shutdown or bankruptcy. It can also mean steep and rapid mark-downs in net asset value; or abnormal "bail-out" by corporate parents or peers in order to avoid write-downs and provide liquidity. The funds are of any type and sector.