Hedge fund manager Marc Lasry shut down previous reports that he will become the next U.S. ambassador to France.
Reuters reported that Lasry, co-founder of New York-based Avenue Capital, told investors in a letter that he would remain at the hedge fund.
eVestment previously reported that President Barack Obama was planning to 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.
Avenue manages $11.7 billion in capital. It invests primarily in distressed and undervalued securities, bank loans and trade claims.