By David Haggerty”The hedge fund manager and former presidential candidate Donald Trump owns an investment company called Vanguard, which manages some $1 trillion in assets, according to a report published on Thursday by the New York Times.
According to the Times, Trump purchased his own investment company in 2009, which he has used to purchase numerous stocks in companies such as Apple, Walmart, General Electric and IBM.
The investment company has been involved in various investment vehicles over the years.
For example, in 2011, Trump sold the assets of his own hedge fund to an investment firm called W.I.S.E.L.P., which later bought the assets from Trump.
In 2012, Trump used his own money to buy a $20 million share of the struggling stock brokerage firm Blackstone, and in 2015, he bought a $2 billion stake in the company’s stock.
While he has no assets in Vanguard, Trump’s investment company is active in the hedge fund world.
According to the NY Times, Vanguard’s portfolio includes a $1.2 trillion hedge fund, which has managed $2.3 trillion of assets, including $200,000 worth of stock in companies like Apple and General Electric.
Trump’s company is the same one that is being sued by the Securities and Exchange Commission, alleging that it failed to properly register as a public company under the Investment Advisers Act of 1940, which prohibits firms that have “a direct financial interest in the securities of another” from engaging in “investment activities.”
Trump has called the suit “ridiculous” and said that he “never used the name ‘Vanguard’ or any other name to identify Vanguard.”
In his letter to the SEC, Trump said that the lawsuit “is a frivolous attempt to stop me from doing what I have been doing for years,” adding that the SEC’s actions “are an attempt to shut down the company I love.”
While he says he “will fight this lawsuit,” Trump’s former campaign manager Kellyanne Conway has called for Trump to step down as chairman of the company and for the company to be taken off the market.
Trump, who is also a billionaire, owns a net worth of about $25 billion.
The NY Times reported that Trump’s company has $1,000 million in assets and has about $1 billion in cash and cash equivalents.