Ex-Hedge Fund Lawyer Loses New York Election Bid

Sep 11 2013 | 10:18am ET

Former hedge fund lawyer Reshma Saujani will not be New York City's next public advocate.

Saujani came in third place in yesterday's Democratic primary, failing to qualify for the runoff in three weeks that will be tantamount to election, as the Big Apple's vastly outnumbered Republicans are not fielding a candidate. Instead, City Council Member Leticia James—with whom Saujani had some testy exchanges during debates—and State Senator Daniel Squadron will square off for the nod.

With 98% of precincts reporting, Saujani had won 15% of the vote, to James' 36% and Squadron's 33.2%.

For Saujani, who formerly worked at Carlyle Blue Wave Partners and Fortress Investment Group, the loss is the second of her political career: In 2010, she challenged long-time Rep. Carolyn Maloney for the Democratic nomination to the Upper East Side-based seat. After that loss, she went to work for the public advocate, who serves as a watchdog over city government and is first in the line of succession to the mayoralty.

New Yorkers also selected candidates to succeed Michael Bloomberg as mayor, with Bill de Blasio, the current public advocate and the most liberal candidate in the race, apparently winning the Democratic nod and former Metropolitan Transit Authority Chairman Joseph Lhota the Republican. Disgraced former Congressman Anthony Weiner finished a distant fifth in the Democratic race. Voters also turned back a comeback attempt by former New York Gov. Eliot Spitzer, awarding the Democratic nomination for city comptroller to Manhattan Borough President Scott Stringer.

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…