Hedge Funds

Sandell's assets fall as Castlerigg logs steady returns


Firmwide assets are down 57% from a year ago.

Tom Sandell’s Sandell Asset Management has lost over 57% of its firmwide assets over the past year following a massive restructuring and the payout of 90% of the assets redeemed by investors at the end of 2008. The firm is now managing about $1.09 billion as of July 1 down from the $2.53 billion it managed last summer.

The firm’s multistrategy, event-driven fund, Castlerigg International, was up 4.13% through August, after gaining 10% in 2009. The AR Event Driven Index dropped 0.40% in August, leaving it up 3.94% for the year. A spokeswoman for Sandell declined to comment.

The drop