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Friday, November 18, 2016

Will Trump Put a Fundster Billionaire in the Cabinet?

News summary by MFWire's editors

President-elect Donald Trump might put a mutual-fund-industry-tied private equity billionaire into the cabinet.

Wilbur Ross
WL Ross & Co. LLC
Chairman and Chief Strategy Officer
Wilbur Ross, of Invesco [profile] subsidiary WL Ross & Co, is being considered by Trump as a possibility for Secretary of Commerce, according to a tweet from another billionaire Trump supporter, Carl Icahn. Ross, 78, currently #232 on the Forbes list with a net worth of $2.9 billion, sold WL Ross to Invesco in 2006. He remains chairman and chief strategist of his eponymous firm.

TheStreet wonders if Ross would have to step back from some of his roles, including some corporate boards.

Ross' competition for Commerce Secretary, per the New York Times' shortlist of rumored Trump cabinet picks, includes former steel production company CEO Dan DiMicco and another private equity fundster, Granite Capital International Group chief Lewis Eisenberg.

The Daily Beast, the Huffington Post, the New York Post, Politico, and U.S. News & World Report all reported on Ross being a contender. 

Edited by: Neil Anderson, Managing Editor

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