Investors pulled $667m from Sculptor Capital Management's main hedge fund during the third quarter of the year marking the sixth consecutive quarter of net redemptions for the fund, according to a report by Bloomberg.

The report cites a recent regulatory filing as revealing that the firm's multi-strategy master fund and associated portfolios managed almost $8.1bn as of 30 September, and have gained 11.7% in the first three quarters of the year.

Sculptor, which is embroiled in a takeover battle between Rithm Capital Corp and a rival investor group headed by Saba Capital Management's Boaz Weinstein, also saw outflows from its Opportunistic Credit fund in the last quarter, while its Institutional Credit and Real Estate funds reported inflows.

Total assets at the firm fell by about $1bn in the third quarter to $33.8bn.

Rithm Capital upped its bid to acquire Sculptor from $12 to $12.70 per share, with the deal now set to proceed having secured the backing of major shareholder and founder Dan Och – who left the business in 2019 – despite a higher bid from Weinstein's group.