Ellington Restructures Flagship, Cuts Staff

Dec 8 2008 | 1:24am ET

The latest hedge fund hit by the restructuring bug is Ellington Management Group, which has segregated illiquid assets in its flagship fund and laid off staff.

The Old Greenwich, Conn.-based firm has split its Ellington Overseas Partners fund, Bloomberg News reports. Hard-to-sell assets have been hived off into a separate fund, allowing Ellington to avoid distressed sales at rock-bottom prices. Last year, the firm suspended redemptions from two funds which also had difficulty valuing illiquid assets.

Ellington has also slashed 10% of its workforce, laying off about 16 employees.

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