Hedge fund manager Mark Spitznagel to advise Rand Paul

GOP presidential candidate U.S. Sen. Rand Paul (R-KY).
Richard Ellis | Getty Images

Mark Spitznagel, the libertarian hedge fund manager, has a new part-time job: senior economic advisor to campaign for president.

Spitznagel is the founder and chief investment officer of Universa Investments, a fund that specializes in protecting investors against sharp market drops, sometimes referred to as Black Swan events. The firm manages about $6 billion in assets, a sizable figure for the hedge fund industry.

"I am very grateful to have Mark Spitznagel serve as senior economic advisor to my campaign," Paul, now a U.S. senator from Kentucky, said in a statement.

"As I travel across the country, the top concern of the American people is our failing economy. I believe we can revitalize our economy by encouraging opportunity and entrepreneurship with lower taxes, a balanced budget, less Federal Reserve interventionism, and limited government spending," the candidate said.

"I look forward to working alongside Mark to solve our nation's economic problem and to restore the American Dream," he added.

Paul, one of the leading contenders for the Republican party nomination, was elected in the Tea Party wave of 2010. Much like his iconic father Ron Paul, Paul has become a libertarian standard-bearer.