Billionaire Marc Lasry told investors in his Avenue Capital that he will remain at the hedge fund and not become the next U.S. ambassador to France, according to a person familiar with the situation.

Lasry told clients he would remain at the New York-based fund in a note to investors on Tuesday, according to a person with knowledge of the note.

Lasry had been seen as likely to be nominated by President Barack Obama for position.

(Reporting By Katya Wachtel)