Galleon’s switch to cash may ease redemptions

The assets of Galleon Group have not been frozen by the US authorities and there should be no hold up in returning money to investors, a source familiar with the matter said.

More than 90 per cent of the funds are now in cash, he said in an update on the unwinding of the US$3.7 billion portfolio as the hedge fund prepares to return money to investors following the shocking arrest of founder Raj Rajaratnam two weeks ago.

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