Bloomberg Picks Quadrangle Asset Management
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
As part of an agreement with the city’s Conflicts of Interest Board, Mayor Bloomberg has chosen Quadrangle Asset Management LP to manage his investments and those of the Bloomberg Family Foundation, officials said yesterday.
Financier Steven Rattner, a friend of Mr. Bloomberg’s, runs the Quadrangle Group, the New York Times reported. Mr. Rattner has been a supporter of Senator Clinton’s presidential campaign, the Times said.
Mr. Bloomberg is considered a potential presidential candidate who would be expected to spend as much as $1 billion on a self-financed campaign should he run. Mr. Bloomberg sought an opinion from the conflicts board to diversify his investments.
Under the ruling, he is allowed to invest in hedge funds, real estate, and private equity funds, among other areas, so long as the identities of the money managers and their investment picks are not shared with him.
The Quadrangle Group may be looking to hire a chief investment officer to oversee the mayor’s day-to-day portfolio, the Times reported.
Sources who told the Times they were approached about the job estimated the size of the fund to be several billion dollars.
