Former U.S. Treasury secretary and Harvard University president Lawrence H. Summers will join New York hedge fund firm D.E. Shaw & Co. as a part-time managing director."Larry is an enormously gifted economist and has made major contributions as a researcher, a public servant and an academic leader," David Shaw, chairman of the $25-billion fund manager, said in a statement.

Summers, 51, will work on strategic initiatives, high-level portfolio management activities, and help review the firm's operations, Shaw said in the statement.

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