Ex-employees of the once high-flying Galleon Group seem to be finding work despite their former boss’s damaged reputation. Several hedge fund shops have reportedly hired Galleon almuni, while others are said to be discussing various options.
David Lao and his cousin Hock Lao, who managed an Asia macro fund that Galleon founder Raj Rajaratnam seeded with $50 million in mid-2008, are looking to find a home. The Laos have been talking to several major hedge fund firms, said an investment professional familiar with their plans. Justin Pollock, the former manager of the Asia long/short equity fund, is also said to be eyeing opportunities with other firms, said the individual.
Leon Shaulov, the former portfolio manager of Galleon’s Buccaneer’s Fund, is said to be considering a potential new fund along with former Galleon traders Adam Smith and Owen Lee. Galleon Buccaneer, a short-term trading vehicle, was up 13.8% through October 2009 after losing 9.4% in 2008.
Other former Galleon investment professionals who have landed new gigs include Charles Benziger, who managed a portfolio of consumer stocks at Galleon. He has joined Citadel Investment. Former analysts Eric Wasserstrom and Rajeev Patel have joined Soros Fund Management, while Nadeem Janmohamed, a former technology stock analyst at Galleon, has joined S Squared Technology, a hedge fund based in New York.
At its peak in July 2008, Galleon managed $7.3 billion in assets. But a year later, assets had plummeted to $4.25 billion.
--Katrina Dean Allen
