Trump Taps Dune's Mnunchin as National Campaign Finance Chief

May 5 2016 | 11:14pm ET

Presumptive Republican presidential candidate Donald Trump has named Dune Capital management CEO Steven Mnuchin as his campaign’s national finance chairman.

The move comes just two days after Trump won a landslide victory over rival Ted Cruz in the Indiana primary to lock up the Republican presidential nomination. Although largely bankrolling his primary campaign himself, bringing Mnuchin aboard signals Trump is moving to quickly establishing a fundraising mechanism to underwrite the national campaign. 

Mnuchin, a former Goldman Sachs executive and past business associate of Trump’s, expects to raise more than $1 billion for Trump’s presidential campaign and the Republican party, according to a statement released Thursday. Details of their business dealings were not immediately available, although Bloomberg has reported that Dune Capital was among a group of lenders sued by Trump in 2008 to extend the term of a construction loan for one of Trump's Chicago towers. 

The irony of Trump, who has repeatedly and publicly railed against hedge fund managers and the so-called carried interest loophole that some use to lower their taxes, hiring a hedge fund manager to lead his campaign finance effort was apparently lost on the candidate. “Steven is a professional at the highest level with an extensive and very successful financial background," Trump said in the statement. "He brings unprecedented experience and expertise to a fundraising operation that will benefit the Republican Party and ultimately defeat Hillary Clinton.”

Mnuchin has made campaign contributions to Trump rival and leading candidate for the Democratic nomination Hillary Clinton in the past, according to Bloomberg, as well supporting the Republican National Committee. 

Mnuchin formed New York-based Dune Capital in 2004 with two other former Goldman alumni after briefly serving as vice chairman at ESL Investments after leaving Goldman in 2002. The fund focuses on entertainment industry opportunities as well as real estate and distressed assets. 


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