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Why Dave McCormick's time at Bridgewater, the world's largest hedge fund, matters for his Senate run
Dave McCormick led the world's largest hedge fund before pursuing Pennsylvania politics.It's both a major line on his resume for Senate and a source of scrutiny.
Philly Inquirer link: https://www.inquirer.com/politics/election/bridgewater-associates-dave-mccormick-hedge-fund-20240925.html
Archived (no paywall) link: https://archive.ph/XJ9qt
Dave McCormick’s 13 years as a leader of the world’s largest hedge fund is an important resumé line for the Republican as he runs for the Senate.
But McCormick’s time at Connecticut-based Bridgewater Associates has also proven to be a fruitful source of lines of attack for Democratic incumbent Bob Casey, who is seeking a fourth term in Pennsylvania’s nationally watched Senate contest. With $124 billion in assets under management, Bridgewater is not a typical hedge fund.
In addition to being massive, Bridgewater is known on Wall Street as a unique and sometimes-controversial firm that pioneered a research-based investment approach that helped predict the 2008 financial crisis. It also has an intense internal culture of “radical transparency” that has been called “cult-like.”
Almost everything that makes Bridgewater stand out from its peers stems from its eccentric founder, Ray Dalio. But McCormick, who held top leadership roles since joining the firm in 2009 and was CEO or co-CEO from 2017 to 2022, was a major player at Bridgewater before he left to run for office.
- more at link -
But McCormick’s time at Connecticut-based Bridgewater Associates has also proven to be a fruitful source of lines of attack for Democratic incumbent Bob Casey, who is seeking a fourth term in Pennsylvania’s nationally watched Senate contest. With $124 billion in assets under management, Bridgewater is not a typical hedge fund.
In addition to being massive, Bridgewater is known on Wall Street as a unique and sometimes-controversial firm that pioneered a research-based investment approach that helped predict the 2008 financial crisis. It also has an intense internal culture of “radical transparency” that has been called “cult-like.”
Almost everything that makes Bridgewater stand out from its peers stems from its eccentric founder, Ray Dalio. But McCormick, who held top leadership roles since joining the firm in 2009 and was CEO or co-CEO from 2017 to 2022, was a major player at Bridgewater before he left to run for office.
This is an important article for Pennsylvania voters. Unfortunately there's way too much information here to be squeezed into 4 paragraphs. Please read the rest in The Inquirer, or in the archived version.
For one thing the Pennsylvania school employees' retirement union PSERS had $5 billion invested in Bridgewater hedge funds, and had to pull out of it in 2022. Also heavy investments in China, some of which are controversial, and a few incidents with female employees. A recent bestselling book "The Firm" by financial journalist Rob Copland describes a cultish climate at Bridgewater.
