Connecticut Hedge Fund Manager Running for Pennsylvania Senate Seat

Dave McCormick, the former hedge fund CEO and current Connecticut resident, finally launched his long awaited campaign to take on US Sen. Bob Casey. McCormick’s campaign has been rumored for months and the Republican  officially launched it in Pittsburgh on Thursday.

After months of speculation, former hedge fund CEO and Connecticut resident Dave McCormick on Thursday finally launched his campaign in Pittsburgh on Thursday to challenge US Sen. Bob Casey (D-Pennsylvania) in the 2024 general election. 

McCormick, who served as the president of  Bridgewater Associates from 2009 to 2020 and the company’s CEO from 2020 to 2022, lost the 2022 Republican primary for the US Senate to Dr. Mehmet Oz.

“Under Joe Biden and Bob Casey what’s supposed to be up is down and what’s supposed to be down is up,” McCormick told supporters at the Heinz History Center in Pittsburgh. 

Prior to launching his campaign, McCormick was spotted roaming the halls of the Pennsylvania State Capitol building and speaking to members of the Pennsylvania Senate this week. He met with State Sen Doug Mastriano (R-Franklin) who was rumored to be considering a run for the US Senate, but eventually backed down.. 

In the weeks leading up to his campaign announcement, questions surrounding McCormick’s residence emerged in media reports. The Associated Press reported that he was still living in a   $16 million Westport, CT mansion in an area that is home to “one of the densest concentrations of wealth in America.” 

The American Independent also uncovered McCormick’s local tax records, which revealed that both of his cars are still registered to his Westport mansion and that he paid local taxes on his vehicle as recently as October 2022.  

Christopher Borick, a Political Science professor at Muhlenberg College in Allentown, called McCormick a formidable challenger to Casey, pointing to McCormick’s bio as a military vet and a business person. 

“He’ll be well funded. He has lots of connections to resources. He is himself wealthy. He should be well positioned to compete on that level in this race” Borick said in an interview. 

Borick went onto talk about the potential baggage McCormick has living as an out of state resident. 

“He does carry some baggage and I think first and foremost the baggage he carries in his decision in life to spend much of the last few decades away from Pennsylvania.” Borick siad.

“He decided to live in Connecticut and build his life there. And so the question that will follow him through the election is why would somebody that’s spent decades away want to now come back and represent the state that he hasn’t lived in a while.”

McCormick’s out-of-state ties could lead to similar attacks against him as were leveled last year against Dr. Oz, who moved from New Jersey to Pennsylvania to run for the seat. For whatever reason, no Republicans who are actually living in Pennsylvania full-time appear willing to run for the seat.

“We’re a large populous state with millions of Republicans and lots of Republican elected officials in Congress, in state legislative seats and state row office seats. There’s lots of potential individuals that you think could and would seek this position, but it does not seem to be playing out,” Borick explained. 

He ascribed this reluctance in part to Casey’s strength as a candidate.

“Bob Casey’s run three times and he’s had blowout victories in each and every one of those races. So he’s formidable. He’s proven that,” Borick said. “And so he’s not someone that every Republican would want to take on because it’s far from a sure thing that you’re going to win in that race.”