Chelsea Clinton joins New York hedge fund

updated 9:54 p.m. ET Nov. 3, 2006

NEW YORK - Former first daughter Chelsea Clinton has joined Avenue Capital Group, a $12 billion hedge fund manager whose founder has contributed to many Democratic Party campaigns, a person familiar with the matter said Friday.

Clinton, 26, the only child of former President Bill Clinton and U.S. Sen. Hillary Rodham Clinton, has taken a post at the New York-based fund manager in an undisclosed capacity, the source said.

Clinton, who graduated from Stanford University in 2001 and studied philosophy at Oxford University, most recently worked at consultants McKinsey & Co. from 2003.

Avenue which focuses on distressed securities investing was co-founded by Marc Lasry. Morgan Stanley this week bought a minority stake in Avenue.

Well-known in hedge fund circles, Lasry has contributed to political campaigns for Hillary Clinton, Al Gore, Bill Bradley, John Kerry and other Democrats in recent years, federal election records show. However, Lasry has also contributed lesser amounts to campaigns for President Bush, the records show.

Chelsea Clinton couldn’t be reached for comment. A spokeswoman for Avenue said the company “does not comment on issues of company personnel.”

News of Clinton’s hire was reported by the New York Daily News Friday.

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