Mick Mulvaney to start hedge fund

Mick Mulvaney to start hedge fund
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Former acting White House chief of staff Mick MulvaneyMick MulvaneyHeadhunters having hard time finding jobs for former Trump officials: report Trump holdovers are denying Social Security benefits to the hardest working Americans Mulvaney calls Trump's comments on Capitol riot 'manifestly false' MORE is launching a hedge fund named Exegis Capital that aims to bet on financial services stocks.

Mulvaney is starting the venture with longtime investor Andrew Wessel and the two discussed their plans in a podcast interview with S&P Global Market Intelligence released Friday.

“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,” Mulvaney said.


Mulvaney, who now serves as a special envoy to Northern Ireland, served as acting White House chief of staff for over a year until he was replaced by former Rep. Mark MeadowsMark MeadowsBiden's no-drama White House chief Ex-Trump aide Meadows pushed DOJ to probe multiple election theories: report Trump working with Gingrich on policy agenda: report MORE (R-N.C.) in March.

In this position, envoys are allowed to hold other jobs outside of their duties as a government official, according to Politico. 

Mulvaney also touted his experience as Trump’s Office of Management and Budget director and acting head of the Consumer Financial Protection (CFPB) during the podcast, noting that holding these positions will help him in his new endeavor. 

“How the CFPB works has huge impact on lenders if you can understand things in advance, and understand how the system works,” he said. “You have to understand how Washington works.” 

He said the project will kick off on Jan. 1, regardless of who wins the presidential election. Though he said he thinks Trump is “a slight favorite to win” against Democratic presidential nominee Joe BidenJoe BidenFormer Rep. Rohrabacher says he took part in Jan. 6 march to Capitol but did not storm building Saudis picked up drugs in Cairo used to kill Khashoggi: report Biden looking to build momentum for Putin meeting MORE.  

“It’s going to work a certain way under a Biden administration, and I think we know how that works,” Mulvaney said. “And it’s going to work a different way under a second term of a Trump administration.”