David McCormick — Ex-CEO Of World’s Largest Hedge Fund —Enters Pennsylvania’s U.S. Senate Race

By Derek Saul, Forbes Staff

Topline

David McCormick, the former chief executive of hedge fund giant Bridgewater Associates, officially joined the race for ​​Pennsylvania’s open Senate seat as a Republican Wednesday, and his most well-known opponent is already attacking McCormick for Bridgewater’s ties to the Chinese government.

Former President Donald Trump shakes hands with David McCormick, right. Getty Images

Key Facts

McCormick submitted paperwork to run for Senator as a Republican Wednesday afternoon, according to Federal Election Commission filings, officially launching his widely-expected campaign.

McCormick resigned as Bridgewater CEO last week after five years in the post, citing the need to focus on his upcoming campaign.

In addition to McCormick, Republicans running for the position left vacant by retiring Sen. Pat Toomey (R-Pa.) include Dr. Mehmet Oz, a surgeon turned television host, George Bochetto, a Philadelphia lawyer and Carla Sands, the former ambassador to Denmark.

The primary will take place May 17, when Democrats will also face off for their party’s nomination, a field that so far includes Lt. Gov. John Fetterman and Rep. Conor Lamb, who has served in the U.S. House since 2018.

Key Background

Before his time at Bridgewater, McCormick served in the Bush Administration as the deputy national security advisor for international economic affairs. His wife Dina Powell McCormick also has White House experience, working as a national security advisor during the Trump Administration. McCormick’s exploratory committee employed Trump aides Hope Hicks and Stephen Miller, Politico reported Tuesday.

Surprising Fact

Bridgewater, which is the largest hedge fund in the world with over $150 billion in assets under management, oversees about $5 billion in Chinese sovereign funds, per Bloomberg. American Leadership Committee, a political action committee supporting Oz, debuted an ad Wednesday dubbing McCormick a “friend of China” as legislators give increase scrutiny into American businesses’ Chinese ties due to the government’s treatment of the Muslim Uyghur population.

Further Reading

David McCormick, Hedge Fund Chief, Joins Pennsylvania G.O.P. Senate Fray (New York Times)

Hedge Fund Giant Bridgewater Replaces CEO McCormick Who Plans Senate Run (Forbes)


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