New York City Mayor Mike Bloomberg recently asked the independent Conflict of Interest Board for permission to broaden his investments, particularly the hundreds of millions of dollars invested in his charitable foundation, according to the New York Daily News.
"As director of the foundation, he has a responsibility to maximize the amount of money it has to give away to charity," said Stu Loeser, the mayor's spokesman.
The board gave its consent, on the condition that Bloomberg hire third-party managers to select and manage his money, and that the identities of the managers and the funds they pick must remain a hidden from the mayor to avoid potential conflicts if any of the funds are involved in city business.
The mayor's wealth has grown considerably since he took office in 2002, currently estimated at $13 billion. Two years ago he created the Bloomberg Family Foundation to manage the money he gives to charity, but the bulk of his assets remain in Bloomberg LP, a financial news service.
Currently, most of his money is in mutual funds, but the agreement now allows him to invest in hedge funds, commodities, stocks, currencies and real estate.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.