New York City Mayor Michael Bloomberg is reportedly withdrawing his funds of $5 billion from Quadrangle Group, a private equity firm. According to the sources close to the matter Mr. Bloomberg is shifting this money into a new investment firm devoted solely to his interest and that of his charitable foundation.

However, Mr. Bloomberg is not looking to change his investment strategy as the team that used to manage mayor's assets in Quadrangle will also join the new investment firm. According to a letter that Quadrangle sent to its investors on Friday, Mr. Bloomberg is seeking privacy and flexibility for his investments.

Bloomberg is the founder of Bloomberg LP which is a news and financial information company. The total net worth of Bloomberg was reportedly $17.5 billion in March 2009, according to Forbes' website. Bloomberg started investing through Quadrangle because of its co founder, Steven Rattner, who is a close friend of Bloomberg. Rattner has left Quadrangle in 2009 to run the Obama administration's automobile task force. After that Mr. Rattner was linked to the New York pension fund investigation within months of his appointment and he had to step down last summer.

However, this move of Bloomberg also fueled the rumors about his political ambitions. He is considered a potential candidate for presidential campaign in 2012 and it would surely be a billion dollar campaign.