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Ex-White House Economist Sperling Will Advise Pine River

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Pine River Capital Management, the $15.6 billion hedge fund firm that profited from bets on mortgage-backed securities after the financial crisis, is enlisting former White House adviser Gene Sperling as a consultant.

Sperling, a former adviser to presidents Bill Clinton and Barack Obama, will provide the Minnetonka, Minnesota-based multistrategy firm with economic and strategic guidance through his newly formed consultancy, Sperling Economic Strategies, he said in a telephone interview. He also advises Pacific Investment Management Co., the world’s biggest bond manager, and startups including payments company Ripple Labs.