Star technology investment banker Michael Grimes is expected to lead the new U.S. sovereign wealth fund unveiled by President Donald Trump. The fund is expected to be backed by revenue from the External Revenue Service, an agency Trump wants to create to handle income generated from tariffs on foreign imports. The details highlight that plans for the sovereign wealth fund are beginning to take shape, despite questions about its feasibility. Grimes, known for leading high-profile tech IPOs, recently left Morgan Stanley to take up a senior role in the U.S. Commerce Department.
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