New York-based Galleon Group has restructured its Galleon Explorers Offshore fund after a poor month in May. In a letter to investors, Galleon said that the losses were "unacceptable" and that the firm had decided to replace the three-man team, which was headed up by former SAC man, Adam Wolfberg.
Galleon founder Raj Rajaratnam, and partners Todd Deutsch and Gary Rosenbach, will manage the fund to get it back on track. The firm has plans to look for a replacement team. Despite the setbacks, the fund seems to have avoided any redemptions. It is still managing $300 million.