New York Times – Mayor Michael R. Bloomberg has chosen the firm of a longtime friend, Steven Rattner, a financier who moves among New York’s power elite, to manage the investments of his multibillion-dollar fortune.
The selection, which was announced on Tuesday, comes amid speculation that Mr. Bloomberg is considering a run for president. It is part of the mayor’s effort to bolster his charitable giving and to be able to expand his wealth through more aggressive investments, including hedge funds and publicly traded stocks.
Until now, the City Conflicts of Interest Board had prevented him from making such investments. Under guidelines approved last month, the mayor’s portfolio will be managed somewhat like a blind trust, though he will have control of and access to certain investment decisions.
Mr. Bloomberg’s decision to put his fortune in the hands of Mr. Rattner, a former deputy chairman of Lazard who now runs his own investment firm, the Quadrangle Group, confers a new level of status to a man who has long played the role of adviser in New York’s political and charity circles.
