- Fund manager sees investment opportunities after referendum
- Lasry says hedge fund firm was prepared for outcome in U.K.
Marc Lasry, chairman and chief executive officer of hedge fund firm Avenue Capital Group, told Fox Business Network that the Federal Reserve is likely to hold interest rates steady after British voters’ decision to leave the European Union.
“I don’t think the Fed’s going to raise rates right now,” Lasry told the business-news channel, according to excerpts from an interview scheduled to be broadcast late Friday. He added that he’d be “surprised” if there’s a rate hike next year.
The Fed said Friday that it’s ready to act with other central banks to shore up market liquidity, if needed. Chair Janet Yellen had been saying that an increase could be appropriate “in coming months” before that language disappeared from her speeches following a weak May jobs report.
Lasry, a donor to Democratic presidential candidate Hillary Clinton, said that any rate increase in the U.S. would “have to be” after the U.S. election in November.
Avenue, which had more than $11 billion under management at the end of May, was prepared for either outcome in the British referendum, Lasry said. He also predicted that the decision would continue to cause volatility in markets, creating opportunities for investors.
“What you’re trying to do is take advantage of what you think is going to happen,” he told Fox Business. “So if you think things are cheap, this is great. If you think things are expensive, then you’re going to sort of make the opposite bet.”