Galleon Liquidation More Than 90% Complete

Oct 28 2009 | 4:04am ET

Less than a week after deciding to close its hedge funds, the Galleon Group has already liquidated more than 90% of its assets.

In fact, it took just three days to sell off most of the firm’s $3.7 billion portfolio, Bloomberg News reports. New York-based Galleon opted to shutter its hedge funds last week after founder Raj Rajaratnam was arrested and charged with participating in a $20 million insider-trading ring. Galleon began selling its holdings on Oct. 19, three days after Rajaratnam was arrested along with five others.

Galleon’s sell-off was much easier than that seen last year, when a number of hedge funds with highly-illiquid portfolios collapsed. By contrast, Galleon’s holdings included large stakes in liquid stocks, such as, Apple Inc., Ebay Inc., Google Inc., OSI Pharmaceuticals, Tyco International and Yahoo!

Galleon expects to be able to fully pay back clients by Jan 1.

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...