Hedge fund firm Avenue Capital is appointing a new chief investment officer admist reports that co-founder Marc Lasry will be nominated as the next U.S. ambassador to France.
Reuters reported that Avenue Capital co-founder and managing partner Sonia Gardner, who is also Lasry's sister, told investors in an e-mail that the firm has named Richard Furst as its new chief investment officer. Furst, who has been with Avenue Capital since 2004, currently heads the firm's European investment strategy.
Several media outlets have reported that President Barack Obama will nominate Lasry for the overseas position, which will require him to move to Paris. Lasry, who is a long-time donor to the Democratic part, is one of the few hedge fund supporters of President Obama.
If Lasry's nomination is approved by the U.S. Senate, he would become the first hedge fund manager to server as an U.S. ambassador.
Headquartered in New York, Avenue manages $11.7 billion in capital. It invests primarily in distressed and undervalued securities, bank loans and trade claims.