Friday, 19 December 2014
Last updated 1 min ago
Oct 20 2006 | 12:00am ET
Two former heads of the U.S. Treasury Department, which is currently studying possible hedge fund regulations, have joined New York-based hedge funds.
John Snow, who served as President George W. Bush’s Treasury secretary until February, will join $16.5 billion fund Cerberus Capital Management as chairman, and his predecessor, former Harvard University president and Treasury chief under President Bill Clinton Lawrence Summers, has agreed to serve as a part-time managing director of $25 billion D.E. Shaw & Co.
“It’s an honor to have a person of Secretary Snow’s stature join the Cerberus team,” the firm’s CEO, Stephen Feinberg, said. “We will benefit enormously from his vast experience in business operations as well as his keen insights to economic trends and forces.”
For its part, D.E. Shaw said the Summer, who remains on the Harvard faculty, will work on “strategic initiatives” and “high-level portfolio management activities.”
Neither firm disclosed how much the ex-Treasury chief will make in their new jobs.
The hires now put the last three former Treasury secretaries in high-level posts with alternative investment firms. Paul O’Neill, who served in the post in between Summers and Snow, is an advisor to private equity firm The Blackstone Group.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.