Reports: Wilbur Ross to join Trump administration

The veteran turnaround investor and advisor to the President Elect is reportedly set to become commerce secretary.

Wilbur Ross, the veteran founder of WL Ross, is on course to be appointed as Donald Trump’s commerce secretary, according to multiple media reports citing sources close to the transition team.

Ross stepped down from his role as full-time leader of the distressed investment firm that bears his name in 2014, but stayed on as chairman, chief strategy officer and a member of the investment committee.

WL Ross was sold to investment manager Invesco in 2006. Prior to founding the firm, Ross led the bankruptcy advisory practice at Rothschild.

Ross is one of a handful of figures from the world of private funds management who supported Trump in his Presidential bid. These include Saul Fox, who founded private equity firm Fox Paine, and longtime business partner and friend Tom Barrack, who founded Colony Capital.

Barrack was named last week by Trump as chairman of the Presidential Inaugural Committee. Barrack served as deputy undersecretary of the United States Department of Interior under the Reagan administration, and advises Trump on economic and national security issues.