Marc Lasry is not leaving for Paris after all.
There had been speculation for months that the $11.5 billion Avenue Capital co-founder would be nominated by the White House to be the next U.S. Ambassador to France. Bill Clinton seemed to confirm the appointment in March and the firm made personnel changes soon thereafter. Now, Lasry has said he will be staying at Avenue, according to a letter sent to investors today that was obtained by Absolute Return. The news was first reported by Reuters and CNBC.
Dear Avenue Capital Investors,
I am writing to provide clarity with respect to the recent speculation in the media regarding the possibility that I might be asked to serve as the next U.S. Ambassador to France. I am very grateful to have been considered, but I would like to put the speculation to rest and let you know that I will be remaining at Avenue.
I look forward to continuing to lead Avenue as Chairman and CEO, alongside Sonia, and working with our team of more than 200 talented professionals, which includes the best and brightest Portfolio Managers and investment teams in the business and a best-in-class institutional infrastructure. Avenue is well positioned to continue to protect and grow investors' assets, and I look forward to continuing to invest alongside all of you.
As always, please feel free to reach out to me, or any member of the Avenue team, if you have any questions.
Chairman and Chief Executive Officer
An external spokesman for Avenue, Todd Fogarty of public relations firm Kekst and Company, declined to comment.
See also: Bill Clinton: Marc Lasry shoe-in for Ambassador to France | Big redemptions unlikely if Avenue loses Lasry to Parisian embassy