While the idea is still in the early stages and much remains subject to change, the fund would be part of a larger public-private collaborative effort to open up large-scale institutional investment options.
The Commerce Department is tapping former Morgan Stanley banker Michael Grimes to lead a planned sovereign wealth fund, part of USPresident Donald Trump’s effort to give the US a stake in projects he considers critical to national security.
Grimes, who left the bank after 30 years to join the new administration, is set to join the Commerce Department to oversee the fund, according to people familiar with the matter who asked not to be identified discussing matters that aren’t yet public.
