Son of presidential-run nomination candidate steps away from hands-on role. Hunter Biden, son of U.S. presidential hopeful Sen. Joe Biden, has handed day-to-day management of New York-based hedge-fund-of-funds manager Paradigm Global Advisors, which he co-owns with his uncle James Biden, to the firm's new president Charles Provini.

Help wanted

"There was a need for someone to fill the role of leadership," Biden told the News Journal, a Wilmington, Del., newspaper. "As an owner, I would hope I would be as helpful as possible to [Provini] and the company in making the company successful." Biden will continue as CEO of Paradigm until a new manager is found.

Biden is also a partner of Washington, D.C.-based Oldaker, Biden & Belair, a lobbying firm. Biden became Paradigm's CEO in May 2006, just before he and his uncle bought a controlling stake in the firm. No other member of the Biden family is involved in the business.

Provini is a past president of New York-based Ladenburg Thalmann Asset Management.

There have been other changes at Paradigm. Firm founder James Park remain with the firm as an investment consultant but will pass the CIO function to managing director Markus Karr; chief compliance officer Ron Wilhelm will add operations to his job description.

Paradigm has about $1.1 billion in assets under management. -FWR

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