Galleon to manage Asia fund from Singapore-sources

SINGAPORE, April 24 (Reuters) - New York-based hedge fund manager Galleon Group is setting up a Singapore operation to manage its $1.1 billion Asian long/short equity fund and to venture into new businesses, industry sources said on Thursday.

The hedge fund manager, which has a total $7.5 billion invested in technology, healthcare, financials, consumer and private equity, is in the process of hiring Asian experts for its regional operation, the sources told Reuters.

The company, set up by Sri Lankan-born Raj Rajaratnam in 1997, has been investing in Asia for the last 10 years, but in 2006 it launched an Asian long/short fund -- which can profit in both falling and rising markets. The fund will be managed by the Singapore team, one of the sources with direct knowledge of the plans said.

Galleon declined to comment.

The move underscores Singapore's growing importance as an Asian hedge fund centre. (Reporting by Saeed Azhar, editing by Neil Chatterjee)