Shrewd point about funds collected for political campaign (3,5)
I believe the answer is:
war chest
'funds collected for political campaign' is the definition.
'shrewd point about' is the wordplay.
'shrewd' becomes 'arch' (I've seen this before).
'point' becomes 'west' (west is a kind of point).
'about' indicates putting letters inside.
'arch' put into 'west' is 'WAR CHEST'.
(Other definitions for war chest that I've seen before include "funds for action?" , "hypothecated funds" , "Fighting fund" , "ready for fighting?" , "Funds for a campaign" .)