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

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Hedgies Rock Out For Children's Charity

Sep 15 2014 | 8:40am ET

It's that time of year again—when hedgies trade in their spreadsheets for guitars...

Guest Contributor

Volkered: How Financial Sector Reforms are Creating Opportunities for Hedge Funds

Sep 16 2014 | 11:28am ET

New regulations have dramatically curtailed proprietary trading activity in investment...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.