Hedge Funds

Bass brothers benefit from the asset cuts


A leaner, meaner BBT machine is now planning the next phase of restructuring

The Dallas-based BBT Partners hedge fund, owned by the billionaire brothers Sid and Lee Bass, has endured a fair bit of turmoil in recent years. The firm has seen the departure of some high profile figures like Tommy Taylor and his successor Herbert Hughes. It shut down a trading unit in 2003 and suffered from moderate returns in 2002, which contributed to a slide in assets from $2.3 billion in 2003 to $1.4 billion in 2004 - a nearly 40% decline. Today,