Monday, 1 September 2014
Last updated 3 days ago
Apr 20 2012 | 2:30am ET
Renaissance Technologies' first new hedge fund in five years is up and running, with $3.5 billion in initial assets.
The Renaissance Institutional Diversified Alpha Fund debuted on March 1, Bloomberg News reports. The fund, which invests in U.S.-listed stocks, futures and forwards, returned 3% in its first six weeks of trading.
The new fund, called RIDA, launched primarily with employee money, although some clients contributed and some came from existing funds. The quantitative vehicle could add asset classes beyond U.S. stocks and futures at a later date, RenTech told clients. It is not benchmarked, and backtesting showed an annualized return of 17.55% for the strategy since 1998.
RIDA is the first fund from RenTech since founder James Simons stepped down from day-to-day management of the firm two years ago. It is also the first since the much-ballyhooed launches of the firm's Institutional Equities and Institutional Futures funds in 2006 and 2007. Those funds boasted capacities of $100 billion and $25 billion, respectively, but never got anywhere near those figures due to poor early performance. RIEF did raise $26 billion, but now manages only $7 billion (RIFF manages $4 billion); it is up 11% this year.
RIDA gives RenTech a lineup of four funds, although its flagship Medallion Fund is open only to employees.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...