Satellite Asset Management LP is shutting down because of client withdrawals, a person familiar with the matter told Bloomberg.

The firm is returning money to investors in Satellite Overseas Fund Ltd., Satellite Fund II LP and Satellite Credit Opportunities Ltd., which had a combined total of $2.8 billion, the person said, asking not to be named because the information is private.

The fund had halted client withdrawals in November, the person said, noting that the fund had lost 35 percent of its value last year.

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