Well in advance of Rebekah Mercer's Thursday statement rebuking former White House chief strategist Steve Bannon, the Mercer family began distancing itself from the alt-right figure due to growing troubles for patriarch Robert Mercer with regard to his hedge fund firm, Renaissance Technologies.
In the end, Bannon was out of favor with the Mercers and lost their financial backing, including his own personal security detail.
Liberals stepped up pressure last year on institutional investors such as university endowments, foundations and pension funds to withdraw their money from Renaissance Technologies, the $50 billion hedge fund at which Mr. Mercer was a top executive.
Amid that pressure, Mr. Mercer announced his plans to step down from the helm of Renaissance in a November letter that sought to create distance between himself and Mr. Bannon. “I make my own decisions with respect to whom I support politically,” he wrote. “Those decisions do not always align with Mr. Bannon’s.”
Rebekah Mercer held Bannon responsible for her father's troubles and cut ties:
Ms. Mercer privately blamed Mr. Bannon for at least part of her father’s predicament and declared that she was permanently severing political ties with Mr. Bannon, according to multiple associates with whom she discussed the matter. Her family cut off funding for Mr. Bannon’s personal protective detail, one associate added.