HedgeCo.Net (New York) – A new trend is being seen in Washington is of some former high-ranking officials that have been reported to be testing the hedge fund waters. Formerchairman of the Securities and Exchange Commission, Richard Breeden, is now a hedge-fund manager, complete with $500 million under management, a Cayman Islands registry, and an office in hedge-fundcapital Greenwich, Conn. According to an article in the New York Times, he “has no investing experience.” but, “Mr. Breeden is now perhaps the most senior former government official ever to run ahedge fund.”
Clinton Secretary of State Madeleine Albright, also of no investing experience, launched the emerging-markets hedge fund Albright Capital Management, with $329 million in seed money from a Dutchpension.
In October, mammoth hedge fund/private-equity firm DE Shaw appointed Clinton Treasury Secretary Lawrence Summers as a part-time managing director, and Cerebus Capital, another mammothhedge-fund/private-equity firm, named departing Bush Treasury Secretary John Snow as chairman. As more big institutional investors such as pension funds allocate capital to hedge funds, we shouldexpect more such career switches.
Alex Akesson
Contributing Writer
HedgeCo.Net
Email: [email protected]
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