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Wealth Bulletin – Satellite Asset Management, a $2.8bn (€2.1bn) hedge fund established by former employees of billionaire George Soros, is winding down due to investor redemptions, Bloomberg said on its website late Friday, according to a Reuters report.
The New York-based firm, which had nearly $7bn in client assets at the end of 2007, was launched in 1999 by Lief Rosenblatt, Gabe Nechamkin and Mark Sonnino, who worked together at Soros Fund Management.
West Palm Beach (HedgeCo.net) – One of Hong Kong’s largest independent financial institutions, Sun Hung Kai Financial, is teaming up with hedge fund Paulson & Co, launching a distressed asset investment fund, according to a Reuters report.
John Paulson will act as the new $100 million offshore fund’s investment manager. The fund will only be open to professional investors and will feed into Paulson’s existing “recovery fund”, which invests in distressed financial assets, according to the report.
With approximately $29 billion in assets under management Paulson hedge fund has offices in New York, London and Hong Kong. Sun Hung Kai has over HK$50 billion ($6.45 billion) in assets under management, Reuters said, together, the funds plan to invest globally, but are focused mainly on the United States.
Rizal Wijono, Managing Director at SHK Fund Management Limited, the Sun Hung Kai’s asset management business said, “There is a lot of turmoil in the U.S., which is Paulson’s home market. They’ve been looking at a approximately 100 financial institutions who they think are going to be the survivors and the failures,” he said, “To date, they’re looking into Asia, but they haven’t identified potential positions yet. If you’re looking for maximum appreciation, the obvious place is the developed world.”
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West Palm Beach (HedgeCo.net) – French IT services group Atos Origin is holding a shareholder meeting on Feb. 10, making board changes and initiating a plan to speed up recovery spearheaded by its new chief executive Thierry Breton.
Atos Origin is replacing it’s current structure for a single managing board headed by a Chairman and CEO, according to a Reuters report.
Benoit d’Angelin, who represents hedge fund Centaurus on Atos’s current supervisory board, will not seek a seat on the new board, Centaurus recently cut its direct stake in Atos in September to 6.66% from around 12%, selling its shares to PAI Partners.
PAI Partners, which is Atos’s main shareholder with a 22.61% holding, would now have three representatives on Atos’s new board, the list showed. Centaurus, together with Pardus Capital, forced board changes at Atos Origin last year after a long-running battle between the company and the activist hedge funds. The two funds still own a combined 16.71% of Atos capital.
Pardus, which sources have said has no plans to sell its stake in Atos, will keep its representative on Atos’s new board, Behdad Alizadeh.
Meanwhile Jean-Paul Bechat, the former head of Safran’s managing board, and LVMH executive Nicolas Bazire, will sit on the new board as independent members.
Atos Origin gave the following composition of the 12-member board, which has yet to be approved by shareholders:
Rene Abate, former chairman of Boston consulting Group; Bedhad Alizadeh, Partner, Pardus Capital Management; Nicolas Bazire, LVMH Exec Committee member, Acquisitions; Jean-Paul Bechat, former head of Safran Managing Board; Thierry Breton, Atos Origin Chief Executive; Dominique Megret, Chairman of Pai Partners; Bertrand Meunier, Head of Investments at Pai Partners; Michel Paris, Senior Partner at Pai Partners; Vernon Sankey, former Chair and CEO of Reckitt & Colman, UK; Jean-Philippe Thierry, AGF Chairman; also on the list is one independent member, who has yet to be named and one representative of the workers holding Atos shares.
