Mick Mulvaney to start hedge fund

Former acting White House chief of staff Mick MulvaneyMick MulvaneyFauci says positive White House task force reports don’t always match what he hears on the ground Bottom line White House, Senate GOP clash over testing funds MORE is launching a hedge fund named Exegis Capital that aims to bet on financial services stocks.

Mulvaney is starting the venture with longtime investor Andrew Wessel and the two discussed their plans in a podcast interview with S&P Global Market Intelligence released Friday.

“Politics is going to be a very turbulent thing for the near future, and I think it creates opportunities for those who understand how Washington works to provide an advantage over everybody else,” Mulvaney said.

Mulvaney, who now serves as a special envoy to Northern Ireland, served as acting White House chief of staff for over a year until he was replaced by former Rep. Mark MeadowsMark Randall MeadowsPelosi slams GOP, says .3 trillion in coronavirus relief not enough On The Money: Meadows says Trump willing to sign .3T coronavirus bill | Consumer spending slowed in July as coronavirus surge dampened recovery | Only five states making use of Trump’s expanded unemployment benefits Meadows says Trump willing to sign .3 trillion coronavirus relief bill MORE (R-N.C.) in March.

In this position, envoys are allowed to hold other jobs outside of their duties as a government official, according to Politico. 

Mulvaney also touted his experience as Trump’s Office of Management and Budget director and acting head of the Consumer Financial Protection (CFPB) during the podcast, noting that holding these positions will help him in his new endeavor. 

“How the CFPB works has huge impact on lenders if you can understand things in advance, and understand how the system works,” he said. “You have to understand how Washington works.” 

He said the project will kick off on Jan. 1, regardless of who wins the presidential election. Though he said he thinks Trump is “a slight favorite to win” against Democratic presidential nominee Joe BidenJoe BidenKanye West sues to get on Wisconsin ballot after being rejected Trump: I want to see first woman president, but not Harris Trump decries DC protesters as ‘thugs’ MORE.  

“It’s going to work a certain way under a Biden administration, and I think we know how that works,” Mulvaney said. “And it’s going to work a different way under a second term of a Trump administration.”