Avenue Names First CIO As Founder Awaits Ambassador Appointment

Mar 18 2013 | 2:35pm ET

Avenue Capital Group has named its top European portfolio manager chief investment officer as it prepares for founder Mark Lasry's appointment as U.S. ambassador to France.

Rumors of Lasry's appointment to one of the most sought-after U.S. diplomatic posts have been around for months. But they were confirmed last week, when former President Bill Clinton told attendees at two fundraisers, including one at Lasry's New York home, that Lasry would be picked for the role.

Lasry is a longtime financial backer of Clinton and his wife, former senator and Secretary of State Hillary Clinton, as well as of President Barack Obama and other Democrats. The Clintons' daughter, Chelsea, formerly worked at Avenue.

While a formal announcement from the White House isn't expected for another few weeks, Lasry's sister and Avenue co-founder Sonia Gardner told the hedge fund's investors on Friday that Richard Furst had been named the firm's first CIO.

"Rich will continue to dedicate his time predominantly to the leadership of the Europe Strategy, and, separately, in his role as Avenue's CIO, will spend a portion of his time providing high-level investment oversight globally," Gardner wrote in the e-mail, which Lasry did not sign. "The Senior Portfolio Managers and Portfolio Managers leading each of our strategies will continue to be responsible for day-to-day investing and managing their independent investment teams within each of those strategies. None of this will change with Rich's appointment as CIO."

Gardner did not mention the Paris posting, alluding only to "the recent speculation in the media regarding Avenue."

Lasry will be the first hedge fund manager to serve as an American ambassador. He will succeed former media executive Charles Rivkin.

Lasry's exit isn't expected to impact Avenue too heavily, in terms of redemptions. Reuters reports that he has turned over most day-to-day management duties to Gardner in recent years and serves more as a "chairman" than a chief executive. He is also likely to return to Avenue when his time in Paris ends.


In Depth

Part II: Roubini Talks Risk, Recovery And The Threat Of A Triple Dip Recession

Oct 21 2014 | 12:41pm ET

In the second half of our interview with Nouriel Roubini, FINalternatives editor...

Lifestyle

Balyasny Pays Over $6M For Lakefront House

Oct 22 2014 | 10:29am ET

A venture headed by hedge fund manager Dmitry Balyasny just paid $6.2 million for...

Guest Contributor

Hedge Funds Weather A Data Management Perfect Storm

Oct 22 2014 | 12:28pm ET

From a regulatory standpoint, nearly every development since the crisis has placed...

 

Videos

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

October 2014 Cover

Demeter: Family affair

David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.