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Renaissance Technologies to Close $1 Billion Hedge Fund

SX171_222E_9 James Simons BLOOMBERG

 

Renaissance Technologies LLC, one of the world’s most successful and secretive hedge fund groups, with roughly $27 billion in assets, is closing an eight-year old, $1 billion portfolio, at the end of the month, according to a letter sent to investors on Tuesday and read to Reuters.

“Due to a lack of investor interest we have decided to wind down the Renaissance Institutional Futures Fund, ” the letter said.

The hedge fund founded by former Pentagon codebreaker and mathematician James Simons, is mostly known for its phenomenally successful flagship fund Medallion, which is now closed to outside investors.

Re is not the only hedge fund been hurt by the recent turbulence in financial markets. Bill Ackman’s Pershing Square Capital, David Einhorn’s Greenlight Capital and Leon Cooperman’s Omega Advisors.

Fortress Investment Group announced on Tuesday that it would shut down its $2 billion macro fund led by Mike Novogratz, after a run of poor performance and outflows. Claren Road, a Carlyle Capital-owned credit hedge fund, could also be shut after poor year and leaving investors.

 

READ MORE:James Simons

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The top 25 hedge fund managers earned $11.6 billion in compensation in 2014, an average of $400 million each, even as hedge funds overall posted a mediocre year. A survey by trade publisher Institutional Investor’s More…

 

James Simons

Jim Simons of Renaissance Technologies bagged a part of his positionin McDonald’s. Shares of the biggest burger brand are down 7.8% since June amid food scandals in China , consumer rejection of its products More…

 

 

 

 

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