Tuesday, 26 July 2016
Last updated 26 min ago
Jul 13 2011 | 9:20am ET
Newly-appointed International Monetary Fund Managing Director Christine Lagarde has named a hedge fund and White House veteran her top deputy.
David Lipton will become the IMF's first deputy managing director on Sept. 1, but will begin as a special adviser at the fund on July 26. Lipton is currently senior director for international economic affairs at the National Security Council and National Economic Council. A former top Treasury Department official under President Bill Clinton, Lipton spent five years of the George W. Bush administrations at Moore Capital Management before joining Citigroup.
Lipton's appointment continues the tradition of having an American as the number two at the IMF to a European chief. It's also something of a homecoming for Lipton, who worked at the IMF from 1981 to 1989.
The dynamic between the former hedge funder, whose appointment was pushed by the White House, and the IMF's new boss could be an interesting one. Lagarde, during her tenure as France's finance minister, was fiercely critical of hedge funds and pushed for harsh regulation of the industry.