Wednesday, 1 April 2015
Last updated 6 hours ago
Feb 17 2010 | 2:04am ET
Renaissance Technologies manages one of the most successful hedge funds of all time. It also manages what could be called the most disappointing hedge fund of all time.
It’s been five years since the Long Island quantitative firm unveiled its Institutional Equities Fund. The firm designed it to manage as much as $100 billion, but it’s never come close to testing that capacity. The fund currently manages only $6 billion—down from its $26 billion peak three years ago—and almost half of that comes from James Simons, the firm’s founder.
Why? Well, returns are a good place to start. The fund is down some 4.42% since its inception, according to the Financial Times. While the average hedge fund soared about 20% last year, RIEF lost 6%. Things haven’t gotten much better this year: The fund lost about 1.5% last month, although it has made up those losses this month, the FT reports.
All the while, Renaissance’s flagship Medallion fund, which manages money exclusively for firm employees, has continued its remarkable run of success, bringing gripes from RIEF investors. RenTech has pledged to pour more resources into RIEF, adding researchers to try to tackle the fund’s problems.
The fund has also been attracting investors, despite its sub-par performance. Inflows have returned after clients fled following the collapse of Lehman Brothers, according to the FT.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…