Bloomberg – R. Hunter Biden, a Washington lobbyist and son of U.S. presidential candidate Senator Joseph Biden, stepped down from daily management of Paradigm Global Advisors LLC, which he owns withhis uncle, James Biden.
Paradigm, a New York-based firm that has invested $500 million of its clients’ money in hedge funds, named Charles Provini, 60, president. Biden, 36, took over as interim chief executive officer in May before buying a majority stake with James Biden, 57, the brother of the Democratic senator from Delaware.
Biden, founder and partner of Washington-based Oldaker, Biden & Belair LLP, said in an interview that he will remain with the law and lobbying firm while helping to oversee Paradigm as chairman of its advisory board. His dual role in politics and hedge funds is unusual in the $1.3 trillion industry, which is dominated by former Wall Street insiders.
“There was a need for someone to fill the role of leadership,” Biden, said of his decision to serve as Paradigm’s CEO until a new manager was found. He said his uncle suggested in February that they consider buying the firm. No other Biden family members are involved in the venture, he said.
