New Senator Enjoyed Rich Hedge-Fund Support

Oct 18 2013 | 10:41am ET

Following the U.S. federal government shutdown and near-default, Wall Street may not be thrilled with the Republicans they helped put in office. But they are hoping a newly-elected Democrat won't disappoint them in the same way.

Newark, N.J., Mayor Cory Booker was elected to the U.S. Senate on Wednesday is a special election prompted by the death of longtime Sen. Frank Lautenberg. He rolled to an easy victory over Republican Steve Lonegan in part with a campaign warchest more than eight times the size of Lonegan's, and one filled with hedge fund money.

Booker has pledged to work in a bipartisan manner on Capitol Hill, and his hedge-fund backers are certainly a mixed bag, politically: In addition to money from reliable Democratic donors such as Pershing Square Asset Management's William Ackman and Michael Steinhardt, Booker also won the backing of Republicans like Julian Robertson.

Other donors included Baupost Group's Seth Klarman, Blue Ridge Capital's John Griffin, Eagle Capital Management's Ravenel Curry and Boykin Curry, Falcon Edge Capital's Rick Gerson, Slate Path Capital's David Greenspan.

Boykin Curry, who said that out of "pure self-interest, we would be better with Republicans like Lonegan," told CNBC, "it seems like a perfect time for someone like Cory to enter the Senate. There are a lot of Republican senators who will work with Cory because they know he's not trying to score tactical points off them. Hopefully, he can bring a practical, long-term mindset to all this partisan bomb-throwing."


In Depth

Q&A: Jeff Eaton Talks Capital Raising, CalPERS And The Secondaries Market

Oct 14 2014 | 10:16am ET

Global placement agent Eaton Partners has raised close to $60 billion for some of...

Lifestyle

MacDonald-Korth Offers Insights Into Paintings Bought, Sold By Hedgies

Oct 7 2014 | 9:00am ET

Definitive and complete ratings require an in-person examination of an artwork,...

Guest Contributor

PAAMCO: European Equity Exposure - Challenging Year, But All is Not Lost

Oct 16 2014 | 4:12am ET

European equity hedge fund managers have had a tough time so far this year. The...

 

Videos

Editor's Note

    Must Attend Hedge Fund Charity Events For October

    Sep 30 2014 | 9:29am ET

    The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…

 

Futures Magazine

October 2014 Cover

Deeply flawed risk benchmark

Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...

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.