Mick Mulvaney, President Donald Trump’s former acting chief of staff and the administration’s current special envoy to Northern Ireland, is following the path of many White House officials before him: He’s going after Wall Street money.
With the help of longtime investor Andrew Wessel, Mulvaney is reportedly launching a new hedge fund aimed at uncovering opportunities, both long and short, in the banking sector, based on his experience navigation financial regulations
“Politics is going to be a very turbulent thing for the near future, and I think it creates opportunities for those who understand how Washington works to provide an advantage over everybody else,” he explained in a recent podcast interview hosted by S&P Global Market Intelligence. “You have to understand how Washington works.”
Mulvaney’s financial resume includes serving as Trump’s Office of Management and Budget director as well as acting head of the Consumer Financial Protection Bureau. He also served in the House Financial Services Committee while representing a South Carolina district.
Mulvanely is currently considered a special government employee, according to Politico, and will keep his job as special envoy as we works to launch the new hedge fund, dubbed Exegis Capital.
Mulvaney, as a White House staffer, isn’t unique in choosing the Wall Street path. Bill Daley, President Obama’s chief of staff, eventually joined a hedge fund, while Former Treasury Secretary Tim Geithner is now president of the investment firm Warburg Pincus, Politico reported.
“Not a lot of folks understand, OK, this person has hired this staff to run this subcommittee, what is that going to mean for what kinds of legislation you’re seeing come out?” Mulvaney said.
The duo plan to launch the fund on Jan. 1 regardless of who wins the White House. Mulvaney, contrary to the odds in Vegas and most polls, said he still thinks Trump is “a slight favorite to win.”
Listen to the full podcast: