Star technology investment banker Michael Grimes, who left Morgan Stanley to take up a senior role in the U.S. Commerce Department last month, is expected to lead the new U.S. sovereign wealth fund that was unveiled by President Donald Trump. The fund, whose income sources have not been previously revealed, is designed to be backed by revenue from tariffs imposed on foreign countries.
| less than a minute read
Dealmaker Michael Grimes expected to lead new U.S. sovereign wealth fund
Typically, such funds rely on a country’s budget surplus to make investments, but the United States operates at a deficit. Its creation would also likely require approval from Congress.
