After nearly two months of speculation, and even before he received an official invitation from US President Barack Obama, billionaire hedge fund owner Marc Lasry has already let investors in the $12 billion funded Avenue Capital company that he owns that he has made his decision to remain in the hedge fund that he founded with his sister and not agree to accept the post of the next U.S ambassador to France.
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/ By Albert Hecht /
With the nomination expected to become official early in May, according to reliable sources, Lasry has apparently decided to put his company first and put an end to all rumors and suppositions that he will be leaving the day-to-day running of the company in the capable hands of his sister Sonia Gardner, his partner from when they established the company in 1995. In addition, apparently preparing for his move to Paris Lasry promoted leading employee Richard Furst to be the chief investment officer of the company.
Marc Lasry has always been known to be a longtime supporter of the Democratic party with particularly close ties to former President Bill Clinton, with Chelsea Clinton, the former President’s daughter even been employed for some time as an analyst for Avenue.
Having amassed a personal fortune estimated to be in the region of twelve billion dollars, Lasry was reported to be interested in taking some time off from Wall Street and fill the highly prestigious position as US Ambassador in Paris for the next three years.
However, according to reliable sources, Lasry reluctantly made his decision to withdraw his name from the list of candidates under consideration after it was discovered that Avenue would need the approval of their investors in order to modify some of the company management documents, with Lasry being deemed as the sole controlling body responsible for overseeing several of the firm’s funds. The only way that this modification could have gone ahead without being that Lassie sells his shares in the company, something that he would have been very reluctant to do.
Lasry’s name first came to light as possible candidate for the post of Ambassador in Paris when Bill Clinton “let it leak” that he would be nominated for the post, with neither the White House nor Lasry neither confirming orders denying the speculation.
Now it appears that Marc Lasry has decided his to put his business first, at least for the time being.