Renaissance Plans To Launch Huge Futures Fund

Jul 5 2007 | 11:16am ET

Renaissance Technologies, the quantitative hedge fund shop run by billionaire former math professor James Simons, is planning a mammoth managed-futures fund for an October launch.

The as-yet-unnamed fund will have a $25 billion investment capacity, Hedge Fund Alert reports. The new vehicle gives Renaissance—already one of the largest hedge fund managers in the world with some $26 billion in assets under management—a pair of potentially massive funds, following last year’s launch of the currently $9 billion Renaissance Institutional Equities Fund, which has a whopping $100 billion capacity.

According to HFA, the proposed fund will invest only in the most liquid areas of the futures market, with the firm saying its strategy will fall somewhere between its $6 billion flagship, the short-term Medallion Fund—which has annualized returns of some 37% since 1989 and now manages mostly proprietary capital—and the newer Institutional Equities Fund, which features longer positions.

The newsletter also reports that Renaissance, based in the Long Island hamlet of East Setauket, N.Y., just up the road from the State University of New York at Stony Brook, where Simons chaired the math department, is prepping a version of the Institutional Equities Fund that would trade non-U.S. stocks.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…