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Saturday Sep 6 2008
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Citadel scoops up Sowood Capital
Citadel Investments, the Chicago-based hedge fund run by billionaire Kenneth Griffin, has stepped in to take over the credit portfolio of Sowood Capital, a smaller fund, which has run up heavy losses in the credit markets. The deal highlights the move by large hedge funds onto the turf of more established investment banks. In an investor letter sent Monday night, Sowood said that the net asset value of funds remaining was $1.5bn, a decline of more than 55 per cent over the last month.
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