Michael Grimes, a technology investment banker who left Morgan Stanley last month to take a senior role at the Commerce Department, is expected to lead the US sovereign wealth fund announced by Mr. Trump, according to two people familiar with the matter. The fund is backed by tariffs imposed on foreign countries and discussions are at an early stage, with plans subject to change. Mr. Trump has previously said the proposed new fund could be funded by "tariffs and other sensible things". One source said revenue from tariffs could be provided by the so-called "External Revenue Service", which Mr. Trump wants to create to handle revenue from the levies. Mr. Grimes has led a number of high-profile tech IPOs at Morgan Stanley, including Meta, Uber and Airbnb. He advised Mr. Musk on his acquisition of Twitter. Morgan Stanley was also the lead investment bank behind Tesla's listing.