Joseph Biden has more than a passing familiarity with hedge funds. As a Democratic senator and a longtime member of that body’s judiciary committee, the Delaware native participated in hearings last year on issues ranging from regulation to naked short-selling.

But the presidential candidate has another, more personal connection to those widely known, lightly regulated investment pools as well.

R. Hunter Biden, the senator’s 36-year-old son, has stepped down from his post as an interim chief executive of Paradigm Global Advisors, a $500 million hedge fund of funds he owns with his uncle, James Biden. Hunter Biden, who took the spot in May before buying Paradigm with James Biden, will be succeeded by the firm’s president, Charles Provini.

Yet Bloomberg News said that Hunter Biden, a Yale Law School graduate, occupies a peculiar nexus of hedge funds and politics. He is also a founder and partner in Oldaker, Biden & Belair, a Washington lobbying firm. He will remain with that firm and continue as chairman of Paradigm’s advisory board. Among Oldaker’s clients are a law industry group representing practices in corporate law and several universities.

But Hunter Biden told Bloomberg that he has never lobbied on behalf of hedge funds and does not intend to. He has never steered his university clients into investing in Paradigm or other hedge fund-related businesses. And he does not plan on participating in the political discussions about hedge fund regulation.

“I don’t plan on being involved in any way on Capitol Hill advocating one way or another on regulations that may be imposed or not imposed on the industry,” he said.

Mr. Biden, the senator, is far from the only politician with links to the hedge fund industry. Chelsea Clinton, whose mother is expected to run for president, joined Avenue Capital Management last year. That fund’s manager, Marc Lasry, is a major Democratic donor who supported Hillary Rodham Clinton’s senatorial re-election campaign.

And Eliot Spitzer, now New York’s governor, has received political and financial support from figures in that field. Last year he faced criticism over investments made in hedge funds by his family’s charity while he was attorney general.

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