US hedge fund manager Citadel Investment Group has bought $500m (€370m) in assets at a discount of at least 10% from troubled money manager Sentinel, its third opportunistic purchase of a troubled portfolio in less than a year.

Citadel paid between 85 and 90 cents in the dollar for the assets, or between $425m and $450m, according to the Chicago Tribune, citing a lawyer working for clients of Sentinel.