David McCormick Resigns From Hedge Fund Ahead of Likely U.S. Senate Run in Pennsylvania

David McCormick Resigns From Hedge Fund Ahead of Likely U.S. Senate Run in Pennsylvania

The CEO of one of the world's largest hedge funds has resigned from his position ahead of his anticipated run for the U.S. Senate in Pennsylvania.

Connecticut-based Bridgewater Associates said on its website that David McCormick, 56, decided to leave the company "in order to consider running for the open Senate seat in his home state of Pennsylvania."

Since 2009, McCormick worked for the hedge fund and lived in Connecticut. He was named co-CEO in 2017 and became the sole CEO in April, when co-CEO Eileen Murray left, Reuters reported.