Rudy Giuliani sets out to protect the ultrawealthy

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Bloomberg

Rudy Giuliani sets out to protect the ultrawealthy

The former New York mayor and 2008 presidential candidate has paired up with an ultrahigh-net-worth shop to protect the firm's clients from fraud

By Sue Asci

September 17, 2009 2:41 pm ET

Former New York City Mayor Rudolph Giuliani has paired up with an ultrahigh-net-worth shop in a bid to protect the firm's wealthy clients from investment fraud.

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Mr. Giuliani and his firm, Giuliani Partners LLC, of which he is chairman and chief executive, today entered into a joint venture with Nine Thirty Capital Management LLC, a New York-based investment manager that caters to the wealthy.

Giuliani Partners' security division — which specializes in investigations and managing crises — will work directly with Nine Thirty Capital's investment professionals to vet hedge fund managers for the firm's wealthy clients.

“Considering the current state of our economy and the numerous financial frauds uncovered in the past year, it's no wonder that investors are extremely wary about where they should invest their money and are asking, ‘Who can we trust?'” Mr. Giuliani said in a statement.

To participate in one of the customized portfolios that Nine Thirty offers to its ultrahigh-net worth clients, the hedge funds and their principals, managers and employees must go through a review process, according to the statement. The process includes identity, background and reputation due diligence, operational due diligence and continuing due diligence.