One way or another, hedge funds are becoming an activity the whole family can enjoy, in this instance the Bill Clintons. Sen. Hillary Clinton (D-N.Y.) can thank hedgies for adding handsomely to her campaign war chest, but the latest news is that former first daughter, Chelsea Clinton, is leaving her position as a consultant at McKinsey and Co. and will be strolling down to Avenue Capital, the hedge fund that just sold one-fifth of its shares to Morgan Stanley. The New York Daily News reports that the move on up will mean something we all know already: Chelsea’s salary and bonus will set her on her way to the stratosphere of hedge fund compensation, a far cry from her consulting gig. She also joins her famous father in the industry. Papa Bill, says The News, stands to make “tens of millions of dollars” as an adviser to hedge funds managed by Yucaipa Cos. So is the 26-year-old Chelsea such a hedge fund hotshot? Maybe, but, according to the news, Avenue founders Marc Lasry and Sonia Gardner are big-time donors to Democratic Party, especially to Mom.
