Hovde Puts Up $4 Million To Put Himself In Senate

Jul 18 2012 | 2:04am ET

Hedge fund manager Eric Hovde's surge in the polls in Wisconsin's U.S. Senate race has been financed almost entirely by Hovde himself—and has earned the Hovde Capital Advisors founder an attack ad against him.

According to campaign finance reports, Hovde has donated $4 million of his own fortune to his bid for the Republican nomination for the seat being vacated by Sen. Herb Kohl (D-Wisc.). He has raised less than 10% of that total, just $350,000, from donors.

Hovde's bid for the nod may have appeared quixotic at the outset, as he faced former Gov. Tommy Thompson, Assembly Speaker Jeff Fitzgerald and former U.S. Rep. Mark Neumann for the right to face off against Democratic Rep. Tammy Baldwin in November. But Hovde has surged into second place—or first, according to one poll—in recent surveys, behind only Thompson, who served as Health and Human Services Secretary under President George W. Bush.

The man in third in most of those polls, Neumann, this week launched an attack ad against Hovde, accusing him of backing billions in federal spending on high-speed rail and bank bailouts. It also attacks Hovde for having donated to former Gov. Jim Doyle, a Democrat.

"Eric Hovde: Too liberal with the truth. And your money," the ad accuses.

Neumann has spent $1.4 million on the race so far; Hovde has spent $3.8 million.

According to the Center for Responsive Politics, Hovde is the fifth-largest "self-funder" among this year's Senate candidates.

In Depth

Related-Company Fees: Normal Industry Practice or Conflicted Compensation?

Nov 11 2015 | 4:23pm ET

Regulatory agencies as well as investors are increasingly exploring whether certain...


Ferrari Roars in Wall Street Debut

Oct 21 2015 | 4:28pm ET

Shares of supercar maker Ferrari jumped as much as 15 percent to a high of nearly...

Guest Contributor

Private Debt - What is the Opportunity?

Nov 11 2015 | 3:28pm ET

In this contributed article, Rob Allard, founding partner of Firebreak Capital...


Editor's Note

    Oct 21 2015 | 10:41am ET

    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…