|Bloomberg reported this week that hedge fund manager Satellite Asset Management is in the process of winding down after poor performance and heavy client withdrawals. The firm’s assets under management have fallen from $7 billion as of 12/31/07 to approximately $2.8 billion today.
Satellite was founded in 1999 by Lief Rosenblatt, Mark Sonnino and Gabe Nechamkin. Prior to starting the firm, the founders led the Special Situations group at Soros Fund Management LLC. The firm’s fund offerings included the Satellite Funds, Satellite Overseas, Satellite Convertible Arbitrage, Satellite Credit Opportunities and Satellite Financial Services funds.