Key Takeaways
- • Andrew Fishman, president and COO of hedge fund Schonfeld Strategic Advisors, formed New Leaders 2024 super PAC as treasurer to support a No Labels third-party presidential ticket with initial $2 million in commitments and a $300 million fundraising target.
- • Schonfeld Strategic Advisors laid off 150 employees (15% of workforce) in November 2023, primarily from non-investment roles including IT teams, after a potential partnership fell through.
- • New Leaders 2024 is advised by a Republican strategist from a firm that previously provided union avoidance services to major corporations, signaling the political orientation of key operatives.
- • No Labels' funding ecosystem relies on wealthy executives from hedge funds and private equity, with 2023 contributions from figures including hedge fund co-founder Howard Marks and Bain Capital executives funneling money through a No Labels PAC to congressional members.
- • No Labels operates through a "dark money" nonprofit that does not disclose donors, alongside a political organization established in 2022 that has been overwhelmingly funded by corporate executives.
Summary
The newly formed New Leaders 2024 super PAC, established to support a potential No Labels third-party presidential ticket, is being led by Andrew Fishman, president and COO of investment firm Schonfeld Strategic Advisors. Fishman is serving as the super PAC's treasurer and filed incorporation paperwork with the Federal Election Commission. The group announced $2 million in initial commitments and projects raising up to $300 million to back a bipartisan ticket should No Labels field one in the coming weeks, according to the New York Times.
Fishman's employment at Schonfeld, a hedge fund that incorporates investment strategies in its operations, comes as the firm underwent significant workforce reduction. In November 2023, Schonfeld laid off approximately 150 employees—15% of its total staff—primarily affecting non-investment roles such as information technology teams. The reductions followed the collapse of discussions regarding a potential partnership. Fishman has been with Schonfeld since 2004 and is identified as a Democrat with a business background.
The super PAC's advisory structure includes a Republican strategist whose previous firm provided union avoidance consulting services to large corporations. This configuration underscores the political composition of the group's leadership.
No Labels has established a funding apparatus centered on contributions from wealthy executives. The organization operates through a "dark money" nonprofit that withholds donor identities, alongside a political organization created in 2022 for its presidential initiative. During 2023, prominent investors including hedge fund co-founder Howard Marks and private equity executives from Bain Capital used a No Labels PAC to channel contributions to members of Congress. This funding model demonstrates the reliance on corporate and financial sector executives to underwrite the third-party political effort.
Fishman's employment at Schonfeld, a hedge fund that incorporates investment strategies in its operations, comes as the firm underwent significant workforce reduction. In November 2023, Schonfeld laid off approximately 150 employees—15% of its total staff—primarily affecting non-investment roles such as information technology teams. The reductions followed the collapse of discussions regarding a potential partnership. Fishman has been with Schonfeld since 2004 and is identified as a Democrat with a business background.
The super PAC's advisory structure includes a Republican strategist whose previous firm provided union avoidance consulting services to large corporations. This configuration underscores the political composition of the group's leadership.
No Labels has established a funding apparatus centered on contributions from wealthy executives. The organization operates through a "dark money" nonprofit that withholds donor identities, alongside a political organization created in 2022 for its presidential initiative. During 2023, prominent investors including hedge fund co-founder Howard Marks and private equity executives from Bain Capital used a No Labels PAC to channel contributions to members of Congress. This funding model demonstrates the reliance on corporate and financial sector executives to underwrite the third-party political effort.
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