01/06/2010
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
13/01/2010
The first hedge fund to spin out of Galleon Group following its liquidation is believed to be named OLA Capital, HFMWeek has learned.
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
19/11/2009
The flow of redemptions out of New Castle Partners is set to increase as the $670m Texas Tech University Endowment pulls its capital.
Texas Tech will redeem $12m from New Castle Partners on 1 December. The endowment has recently added three new hedge funds to its portfolio and is searching for long/short managers to help fill its allocation target.
New Castle Partners was caught up in the insider trading probe brought against Galleon and which has spread to include lawyers, management consultant and traders.
Danielle Chiesi, portfolio manager at New Castle, and
