According to reports, Leon Shaulov, Adam Smith and Owen Lee, who all worked under the tutelage of Raj Rajaratnam, have set up the fund.

Shaulov ran Galleon's Buccaneer's Fund, a short-term trading vehicle, which gained 13.8% last year through October. In 2008 it lost 9.4%. Smith and Lee were both traders at Galleon.

The trio aren’t the only Galleon alumni who have begun their next career move, following allegations of insider trading made against the firm’s founder Raj Rajaratnam. Eric Wasserstrom and Rajeev Patel, two analysts from Galleon, have joined Soros Fund Management.

Only a few months before Rajaratnam was charged with insider trading, Todd Deutsch, a former Galleon portfolio manager, started Bascom Hill Partners, a long/short trading-oriented hedge fund.

Following Galleon Group's decision to liquidate, the firm is also in the process of subleasing its New York City office space.

According to a source familiar with the hedge fund's plans, it is subleasing 25,000sq ft in its 590 Madison Avenue location and another 9,000sq ft at 575 Madison Avenue. Galleon occupied one floor at each of these buildings