May

20

Robinhood Investment Corp. has named a top International Monetary Fund official its chief economist for emerging markets.

Lorenzo Giorgianni will join the $13 billion Connecticut hedge fund in October, the Financial Times reports. Giorgianni has served as deputy chief of the IMF's Strategy, Policy and Review Department, and will formally leave at the end of next month.

Giorgianni sought to head off concerns about his leap from a high-ranking public-sector post to a major hedge fund.

"I look forward to joining Robinhood and complementing my experience in policymaking by deepening my understanding of financial markets," he said. "I am following a protracted cooling-off period during which I have no access to confidential information and no involvement in any work that could give rise to a conflict of interest."

The explanation doesn't appear to appease everyone, with one former IMF official telling the FT, "It's terrible. A revolving door is fine, with an appropriate cooling-off period, but he should be [immediately] out of the building."

Giorgianni's cooling-off period began in March. He "is no longer involved in any work that could give rise to a conflict of interest before his departure. This is fully in line with the fund's ethics guidelines," an IMF spokeswoman said.


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