Looking back at Galleon’s demise and Sophis’ piratical parentage

October 26, 2010   Suzy Kenly Waite

In this week’s look back at the archives, AR revisits the liquidation of Galleon Group, a Pirate departure and a Blackstone success story.

One Year Ago
»»The liquidation of Raj Rajaratnam’s Galleon Group was largely complete, with the firm, which managed $3.7 billion under management, set to pay back investors by January 1, 2010. Earlier in 2009, Rajaratnam was charged with conspiring to use insider information, allegations he continues to fight. In mid-October, the Galleon Group sublet its office at 590 Madison Avenue to Forefront Advisory, an asset management firm. They’ve leased 25,030 square feet at $125 per square foot.

»»Tassos Recachinas, who left Pirate Capital in 2008, formed Sophis Investments and prepared to launch the Sophis Fundamental Value Fund. Recachinas had slated $35 million for the launch of the fund, which planned to invest in equities, credit, commodities and currencies.

Five Years Ago
»» The Blackstone Group hired Edwin Conway to serve as a managing director in its fund of funds division, Blackstone Alternative Asset Management, which managed $9.3 billion at the time. Previously he was an executive director at fund of funds Arden Asset Management, focusing on business development. Conway is now a senior managing director in the investor relations and business development group for the entire firm.



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