“the whole of Greenwich is backing Obama”
Financial Times - April 25, 2007
Another top hedge fund chief backs Obama By Deborah Brewster in New York
Paul Tudor Jones, the wealthy hedge fund manager, has become the =
latest in a growing band from his profession to throw their weight =
behind Barack Obama, the US senator vying for the Democratic =
presidential nomination.
Mr Jones is said to be planning to host a 500-guest fundraiser for Mr =
Obama on May 19. The event will be held at Mr Jones’s seaside mansion =
in Greenwich, Connecticut,a big US centre for hedge funds.
“The whole of Greenwich is backing Obama,” said one leading US =
businessman.
Hedge fund managers, whose newly found wealth has made them =
attractive targets for presidential hopefuls, appear to be turning to =
Mr Obama in large numbers.
Last month, George Soros switched his allegiance from Hillary Clinton =
to Mr Obama. Orin Kramer, a longstanding Democratic fundraiser who is =
also a hedge fund manager, is also supporting the black challenger. =
Other prominent managers backing him include Daniel Loeb, and Eric =
Mindich, a former Goldman Sachs star trader who now runs the Eton =
Park fund.
Mr Jones began his working life as a commodity trader and is one of a =
few investors who have reached the elevated status of Mr Soros in a =
crowded field.
His $15bn (=A37.5bn) Tudor Management fund has notably outperformed its =
peers since its inception, and Mr Jones was recently featured in an =
article by the author Tom Wolfe on hedge fund managers - “The new =
masters of the universe” - in Portfolio magazine. Mr Jones also =
founded the Robin Hood charitable foundation, which is heavily =
supported by hedge fund chiefs.
Regardless of their personal affiliations, hedge fund managers have =
become increasingly active lobbyists in Washington and increasingly =
big campaign givers as the $1,400bn industry has grown and become =
more sophisticated.
Employees from SAC Capital, the Greenwich outfit run by Steve Cohen, =
were the top contributors to the presidential campaign of Christopher =
Dodd, the Democratic senate banking chairman, in the first quarter of =
2007.