Bill and Hillary Clinton‘s son-in-law Marc Mezvinsky is the Co-founder of a hedge fund that lost money as the fund focused on the recovery of the Greek economy, a Business Insider report says.
“Despite having Goldman Sachs CEO Lloyd Blankfein as an investor and being Bill and Hillary Clinton‘s son-in-law, Marc Mezvinsky (and two former colleagues from Goldman Sachs who manage Eaglevale Partners hedge fund) told investors in a letter sent last week they had been “incorrect” on Greece, helping produce losses for the firm’s main fund during two of the past three years,” the report says.
The Eaglevale fund focused on Greece, lost a stunning 48 percent last year and, as The Wall Street Journal reports, has affected overall returns of the roughly 400 million dollars fund which has spent 27 of its 34 months in operation below its “high-water mark.”
In late 2011, the 35-year-old Marc Mezvinsky, husband of Chelsea Clinton, co-founded New York-based hedge fund firm Eaglevale Partners with Bennett Grau and Mark Mallon, two Goldman Sachs Group proprietary traders whom he had gotten to know when they all worked at the bank. Mezvinsky, 35, has a BA in religious studies and philosophy from Stanford University and an MA in politics, philosophy and economics from the University of Oxford. He is now building a career in finance, according to Business Insider.
The hedge fund co-founded by Mezvinsky suffered losses tied to a bet on Greece’s economic recovery, according to documents reviewed by The Wall Street Journal.
The main fund dropped 3.6 percent last year. However, a smaller Eaglevale fund focusing only on Greece dropped 48 percent last year, said the person familiar with the situation, hurt by the belief that Greece will recover soon.
“Our recent predictions regarding Greek politics have proved incorrect,” Mezvinsky and the other Eaglevale founders wrote to investors last week, after the SYRIZA leftist party won national elections causing an uproar in Europe’s politics, the Business Insider report says.