Lasry Will Stay At Avenue, Drops From Running For Ambassadorship

Apr 24 2013 | 11:20am ET

Avenue Capital Group founder Marc Lasry will not be the next U.S. ambassador to France.

Lasry told investors in his hedge fund that he would remain at Avenue, ending speculation—seemingly confirmed last month when former President Bill Clinton said that Lasry would be going to Paris—that he would receive the prestigious appointment.

Two matters appear to have kept Lasry from moving in to the Hôtel de Pontalba, the home of the U.S. ambassador in Paris. As a "key man" for several Avenue funds, he would have needed a waiver from investors to leave the firm—and such a waiver did not appear to be forthcoming. Secondly, the White House had asked Lasry to avoid conflicts of interest. Lasry is an investor in Avenue's funds, including its European fund.

"I am very grateful to have been considered, but I would like the put the speculation to rest and let you know that I will be remaining at Avenue," Lasry wrote Tuesday. He assured clients that "Avenue is well-positioned to continue to protect and grow investors' assets, and I look forward to continuing to invest alongside all of you," he added.

Avenue had been preparing for Lasry's likely departure. In a letter to investors last month, Lasry's sister and Avenue co-founder Sonia Gardner announced that Richard Furst had been named Avenue's chief investment officer, a first for the firm.

Lasry has been a major donor to Democratic causes and to President Barack Obama.


In Depth

Will Liquid Alts’ Performance Sustain Future Asset Flows?

Aug 25 2014 | 10:34am ET

Liquid alternative investment funds saw the highest percentage of capital inflows...

Lifestyle

Hedgies, Economists and Musicians Mingle At Milkin Mixers In Hamptons

Aug 25 2014 | 6:00am ET

Leave it to Michael Milken to bring some gravitas and sweat to the Hamptons -- along...

Guest Contributor

Looking Ahead: What’s In Store For Managed Futures?

Aug 22 2014 | 12:52pm ET

The last five years were phenomenal for investors in equity indices. Will the next...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

July/August 2014 Cover

The time was right

Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...

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.