Lawrence H. Summers is joining hedge fund manager, D.E. Shaw as managing director. Mr. Summers was secretary of the treasury under President Bill Clinton and president of Harvard University until earlier this year. He will work part time on "various strategic initiatives and high-level portfolio management activities and … in reviewing the overall operations of the D. E. Shaw group," according to a company statement. It is a new position, Kari Elassal, a D.E. Shaw spokeswoman, said.
"Larry is an enormously gifted economist and has made major contributions as a researcher, a public servant and an academic leader. His extraordinary intellect, deep understanding of the financial markets and wealth of organizational experience will be uniquely valuable resources to the firm," David Shaw, chairman, said in the statement.
Another former treasury secretary, John W. Snow, who served from 2003 until May 2006, was appointed chairman of private equity and hedge fund manager Cerberus Capital Management, according to a company statement.
"Secretary Snow has worked tirelessly, traveling the globe, to build a consensus on global economic issues. We will benefit enormously from his vast experience in business operations as well as his keen insights to economic trends and forces," said Stephen Feinberg, CEO of Cerberus Capital, in the statement.
Officials at Cerberus were not available to comment about Mr. Snow's predecessor.