As the foundation grew, so did the outside business ventures pursued by Mr. Clinton and several of his aides.
None have drawn more scrutiny in Clinton circles than Teneo, a firm co-founded in 2009 by Mr. Band, described by some as a kind of surrogate son to Mr. Clinton. Aspiring to merge corporate consulting, public relations and merchant banking in a single business, Mr. Band poached executives from Wall Street, recruited other Clinton aides to join as employees or advisers and set up shop in a Midtown office formerly belonging to one of the country’s top hedge funds.
By 2011, the firm had added a third partner, Declan Kelly, a former State Department envoy for Mrs. Clinton. And Mr. Clinton had signed up as a paid adviser to the firm.
Teneo worked on retainer, charging monthly fees as high as $250,000, according to current and former clients. The firm recruited clients who were also Clinton Foundation donors, while Mr. Band and Mr. Kelly encouraged others to become new foundation donors. Its marketing materials highlighted Mr. Band’s relationship with Mr. Clinton and the Clinton Global Initiative, where Mr. Band sat on the board of directors through 2011 and remains an adviser. Some Clinton aides and foundation employees began to wonder where the foundation ended and Teneo began.