Reuters reports that, as bad as September was for many hedge funds, October was even worse.

David Einhorn's Greenlight Capital, already thought to be down around 15% year-to-date, is seen posting big declines in October. And Citadel Investments is among several other well known firms thought to have had a bad month. Citadel is thought to be around 40% down this year. The $7bn Goldman Sachs Investment Partners fund, only launched at the beginning of the year, is already $1bn off. Many firms, of course, have been inundated with investor withdrawal requests. And $5bn Plainfield Asset Management is said to have fallen 8% through October, and is believed to have now received redemption requests for as much as a third of its assets.

Reuters reports that Citadel is being asked to post additional collateral with the likes of Deutsche Bank, Goldman and Merrill Lynch. The calls, however, are said to be simply no more than just routine during a time of falling markets. MarketWatch reports that firm CFO Gerald Beeson has confirmed that Citadel has access to $8bn in unused credit lines, and that 'we will continue to have sufficient capacity to meet our funding needs over the course of the short and medium term'.

Hedge fund Man Group posted a 24% fall in its pre-tax profits Thursday to $622m. The firm's shares fell almost 30% on the news.

One bright shining light, however, has been uncovered by the New York Post. The newspaper has accessed data which shows that Jim Chanos's short only fund Ursus is up 53.2% in the year through October. And The International Herald Tribune reports that Drury Capital is up some 60% since January.

Reuters reports that Credit Suisse Group has confirmed that it will close its CS Bond Fund (Lux) Target Return. The firm said in a statement: 'In the course of the last days and weeks, investors have significantly sold assets in a flight to liquidity. The volume of redemptions has meant that many subfunds have become too small to operate on practical and economic terms'.

Bloomberg reports that 3i, Europe's largest publicly-traded private equity firm, fell 13% Thursday, after revealing its first drop in asset values for 5 years on stock declines. And finally, private equity firm Blackstone Group posted its biggest quarterly loss ($502.5m) in its 18 months as a publicly-traded company Thursday.

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