President-elect Donald Trump named his new secretary of education, tapping former Small Business Administration head and former wrestling executive Linda McMahon for the position.

The Education Department provides some funding for public schools, administers federal student aid programs and collects data on US education. Trump has vowed to close the department and redistribute most services to state-level education officials.

“We will send Education BACK TO THE STATES, and Linda will spearhead that effort,” Trump said in a Tuesday statement.

McMahon served as administrator of the Small Business Administration under Trump’s first term from 2017 to 2019. In 2010, she ran as the Republican nominee for U.S. Senate in Connecticut but lost to current Democratic Sen. Richard Blumenthal.

She remained a close ally to the former president as chair of the board for the America First Policy Institute, a conservative think tank founded by Trump aides in 2021 to promote his GOP priorities. McMahon has also co-led Trump’s transition team alongside fellow billionaire Howard Lutnick, who Trump selected to lead the Commerce Department.

Before entering Trump’s political orbit, McMahon helped found Capitol Wrestling, now known as World Wrestling Entertainment, with her husband Vince McMahon. Both spouses were named in a lawsuit filed last month accusing WWE leaders of allowing “systemic and pervasive abuse” of underage children.

McMahon was one of multiple wresting world figures to make an appearance at this year’s Republican National Convention in support of Trump.

“President Trump is a job creator and the best friend American workers have had in the White House,” McMahon told the RNC crowd in Milwaukee.

She was initially considered a top contender to lead the Department of Commerce, coming off Trump’s decisive win this November. McMahon will need to be confirmed by the Senate.

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Bridgewater, one of the world’s largest hedge funds, is joining forces with State Street’s asset management arm to tap retail investors in the latest effort by money managers to look for new customers beyond their traditional strengths.

The partnership announced on Tuesday will get started with an exchange traded fund that will track one of Bridgewater’s best-known strategies. State Street Global Advisers has filed plans with the US Securities and Exchange Commission for an “All-Weather” ETF, which seeks to profit in all types of market conditions by holding a wide range of assets.

If approved by the regulator, it will be sub-managed by Bridgewater using its “risk parity” strategy, which uses leverage to weight assets by expected volatility. Once it starts trading, the ETF could offer other investors new insights into Bridgewater’s famously secretive methods.

The two groups also announced a larger partnership aimed at enlarging the potential market for complex products including hedge funds and private equity and credit.

It is part of a stampede by traditional asset managers such as State Street to strike such agreements with the big names in alternative assets. In the past six months, there have been tie-ups between Capital Group and KKR, BlackRock and Partners Group, and SSGA has a separate partnership with Apollo.

The alternatives managers hope to reach wealthy individual customers at a time when the institutional investors are holding firm or cutting back on their complex investments. The traditional managers want to stay relevant as retail customers and their advisers move into new sectors and like the higher fees these products can command.

“Bridgewater is known for its 40-year history of delivering resilient, diversified portfolios and insights to many sophisticated institutional global investors,” Anna Paglia, State Street Global Advisor’s chief business officer, said. “This strategic relationship will now bring that portfolio construction expertise to retail investors as well.”

State Street, which invented the ETF, is best known for its low-fee passive funds but the $4.7tn money manager is making a big push into racier products, with more than 80 launches since Paglia’s arrival earlier this year. They include ETFs focused on digital assets and one done in conjunction with Apollo to invest in public and private credit.

Bridgewater, which was founded by Ray Dalio, is attempting to rebuild after a difficult period that included a stormy succession process and poor returns accompanied by significant outflows. People familiar with its results said it had $100bn under management at the end of August, well below its all-time peak of $160bn. Its flagship Pure Alpha fund sustained large losses in 2022 and 2023.

The new ETF seeks to follow the strategy behind Bridgewater’s other well-known product, the All Weather hedge fund.

“At Bridgewater, we see global investors increasingly focused on portfolio resiliency and desiring durable client portfolios,” Karen Karniol-Tambour, Bridgewater’s co-chief investment officer, said. “We are excited to broaden access to our approach.”

Both companies declined to comment beyond their official statements, citing SEC rules that bar investment managers from discussing specific products before they have been approved.

Manhattan District Attorney Alvin Bragg on Tuesday asked a judge to pause further proceedings in the criminal trial against President-elect Donald Trump in order to give both sides time to weigh the unprecedented nature of the situation.

A jury in May found Trump guilty of 34 felony counts of falsifying business records. But now that Trump has been elected president and will be inaugurated on Jan. 20, 2025, New York state Judge Juan Merchan should weigh arguments specifically on whether the case should be dismissed, the district attorney and assistant district attorneys argued in a legal filing.

The prosecutors’ office asked for a December 9 deadline for the next filing, focused on whether the case should be dismissed. The judge is likely to acquiesce to the request as both the defense and prosecution appear to be in agreement.

In their motion, Manhattan prosecutors said the judge must weigh how to balance Trump’s status as president-elect with the verdict of the jury.

“The People deeply respect the Office of the President, are mindful of the demands and obligations of the presidency, and acknowledge that Defendant’s inauguration will raise unprecedented legal questions. We also deeply respect the fundamental role of the jury in our constitutional system,” the filing said.

Trump’s lawyers had asked for the case to be immediately dismissed because Trump was elected to a second term in the White House, and because of a July Supreme Court ruling given presidents immunity from prosecution for official acts in office. Trump’s defense had argued the hush-money trial partly relied on evidence taken from Trump’s first term as president.

Steven Cheung, Trump’s communications director, called the request for a pause “a total and definitive victory for President Trump and the American People who elected him in a landslide.”

But the prosecutors on the case said the jury’s deliberations, which came before the July Supreme Court ruling, should also be given weight — and suggested they may argue the case should wait until after Trump’s second term in office.

“Given the need to balance competing constitutional interests, consideration must be given to various non-dismissal options that may address any concerns raised by the pendency of a posttrial criminal proceeding during the presidency, such as deferral of all remaining criminal proceedings until after the end of Defendant’s upcoming presidential term,” the filing said.

Merchan had been expected to rule on Tuesday on whether the Supreme Court decision gives Trump immunity from prosecution in this trial. The filing from the attorneys signals the next decision in the case is likely to be broader than that: about whether the entire case should be thrown out.

“The Manhattan DA has conceded that this Witch Hunt cannot continue. The lawless case is now stayed, and President Trump’s legal team is moving to get it dismissed once and for all,” Cheung, the Trump spokesman, said in a statement. Trump on the campaign trail had argued that the legal cases against him were motivated by politics.