Does loyalty lie with the lawyer or the law firm?
Big changes were afoot in the London hedge fund legal scene last week, after New York-based Akim Gump swooped on Simmons & Simmons
01/06/2010
Galleon COO said to be planning launch
Rick Schutte, the former chief operating officer of Galleon Group, is rumoured to be starting a new hedge fund.
According to a source familiar with Schutte’s plans, he is in the initial stages of his post-Galleon venture and is preparing for a new launch, having appointed service providers, although additional details could not be obtained.
Schutte follows a number of other employees of Galleon Group that have left to start new funds following the firm’s liquidation, after allegations of insider trading were brought against its founder, Raj Rajaratnam, last October.
Earlier this year, HFMWeek reported that Leon Shaulov, Adam Smith and Owen Lee, who all worked under the tutelage of Rajaratnam, had started OLA Capital. Schutte will be the latest senior Galleon executive – unconnected to the ongoing investigation – to launch a new vehicle.
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Editor's view: 8 February 2012
Speculative moves, a perceived landgrab and a potential bidding war in the hedge fund sector have all opened up in recent weeks
Comment: Julian Korek
"Advisers need to be analysing key considerations and determining where they fall in the spectrum of SEC registration; no easy task given the scope of the legislation"
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