Key Takeaways
- • William M. Daley, former White House Chief of Staff and JPMorgan Chase executive, has joined Argentière Capital as managing partner and head of U.S. operations, marking his return to the financial industry after departing the Obama administration.
- • Argentière Capital, a Swiss hedge fund founded in June 2013 by Deepak Gulati (former global head of equity proprietary trading at JPMorgan), manages $500 million in assets under management and was established following the Volcker Rule's restrictions on proprietary trading at banks.
- • Daley's 25-year career trajectory spans government service (U.S. Commerce Secretary 1997–2000, White House Chief of Staff 2011–2012) and senior financial positions, positioning him to build the hedge fund's institutional presence and credibility in the United States while remaining based in Chicago.
- • The hire underscores hedge funds' expanding influence in financial markets and reflects the ongoing migration of talent from regulated banking institutions to alternative asset managers seeking to escape post-2008 regulatory constraints.
Summary
William M. Daley, 65, has joined Argentière Capital, a Swiss-based hedge fund, as managing partner and head of U.S. operations in a strategic move to expand the firm's American institutional footprint. Daley will remain based in Chicago while taking the position at the Zug-headquartered firm, representing a deliberate return to the financial industry following his departure from the Obama administration in 2012. His appointment reflects a calculated effort by the upstart hedge fund to leverage his extensive government and corporate experience to build credibility and market access.
Argentière Capital was founded in June 2013 by Deepak Gulati, a trader who previously served as global head of equity proprietary trading at JPMorgan Chase. Gulati departed the bank as JPMorgan moved to comply with the Volcker Rule, which constrains banks' ability to deploy proprietary capital for their own account. He brought a seasoned trading team from JPMorgan to establish the hedge fund, which currently manages $500 million in assets under management. Gulati stated that Daley's "expertise and the experience" represent "the real asset for what we do," highlighting the firm's intent to use Daley's institutional connections and regulatory knowledge to penetrate U.S. markets.
Daley's career embodies the revolving door between government and finance. He served as U.S. Secretary of Commerce under President Clinton from 1997 to 2000 and held senior executive roles at JPMorgan Chase before being appointed White House Chief of Staff in 2011. Prior to these positions, he worked as a lawyer and served as president of Amalgamated Bank of Chicago. His appointment to Argentière Capital exemplifies his long-standing pattern of moving strategically between Washington and the private sector. When asked about the move, Daley emphasized his desire to engage with growth-stage ventures: "I figured the next thing I wanted to do was get into something that had the potential to grow, and be part of building something."
The hire underscores the growing institutional prominence of hedge funds in global financial markets, particularly as regulatory pressure on traditional banks continues to drive talent and capital to alternative managers. Daley's move also highlights the post-Volcker Rule migration of proprietary trading operations from regulated banking entities to unregulated hedge funds, a trend that has accelerated since financial reform legislation took effect.
Argentière Capital was founded in June 2013 by Deepak Gulati, a trader who previously served as global head of equity proprietary trading at JPMorgan Chase. Gulati departed the bank as JPMorgan moved to comply with the Volcker Rule, which constrains banks' ability to deploy proprietary capital for their own account. He brought a seasoned trading team from JPMorgan to establish the hedge fund, which currently manages $500 million in assets under management. Gulati stated that Daley's "expertise and the experience" represent "the real asset for what we do," highlighting the firm's intent to use Daley's institutional connections and regulatory knowledge to penetrate U.S. markets.
Daley's career embodies the revolving door between government and finance. He served as U.S. Secretary of Commerce under President Clinton from 1997 to 2000 and held senior executive roles at JPMorgan Chase before being appointed White House Chief of Staff in 2011. Prior to these positions, he worked as a lawyer and served as president of Amalgamated Bank of Chicago. His appointment to Argentière Capital exemplifies his long-standing pattern of moving strategically between Washington and the private sector. When asked about the move, Daley emphasized his desire to engage with growth-stage ventures: "I figured the next thing I wanted to do was get into something that had the potential to grow, and be part of building something."
The hire underscores the growing institutional prominence of hedge funds in global financial markets, particularly as regulatory pressure on traditional banks continues to drive talent and capital to alternative managers. Daley's move also highlights the post-Volcker Rule migration of proprietary trading operations from regulated banking entities to unregulated hedge funds, a trend that has accelerated since financial reform legislation took effect.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.