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UPDATE 1-Goldman software analyst Sherlund joins hedge fund

Mon Mar 5, 2007 12:27pm EST

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(Adds detail on successor at Goldman)

Funds News

NEW YORK, March 5 (Reuters) - Veteran Goldman Sachs Group Inc. (GS.N) software analyst Rick Sherlund left the firm to join New York-based Galleon Group, becoming the latest sell-side research analyst lured to the more-lucrative world of hedge funds.

Sherlund, who could not be reached for comment, was a managing director at Goldman who covered Microsoft (MSFT.O) and other software companies. Bank spokesman Ed Canaday said Sherlund's coverage will be taken over Sarah Friar, a managing director and its senior infrastructure software analyst.

Friar, a former McKinsey & Co. consultant and investment banker, is a key member of the technology strategy team within the global investment research department, Goldman said.

Sherlund, 52, in a few weeks will begin work at Galleon, a $6.5 billion hedge fund firm to manage a portfolio of technology stocks after 25 years at Goldman. The highly regarded analyst first decided to depart from the bank months ago.

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