Monday, 30 March 2015
Last updated 2 hours ago
Jan 11 2008 | 8:50am ET
Investors yanked $4 billion from Renaissance Technologies’ largest hedge fund over the past several months, as the quantitative offering suffered—like fellow quants—from the market volatility set off by the subprime slide.
Following the outflows of the last four months, the Renaissance Institutional Equities Fund now manages between $21 billion and $22 billion. When Renaissance chief James Simons unveiled the fund in 2005, he boasted it had a capacity of $100 billion. But the fund, which fell by less than 1% last year, has failed to match the remarkable success of the East Setauket, N.Y., firm’s flagship: It has produced annualized returns of 9.7% since inception, more or less in line with the Standard & Poor’s 500. Last year, Renaissance limited inflows into the Institutional Equities fund to $1.5 billion per month.
In other firm news, SAC Capital finance chief James Rowen has joined the Long Island firm as chief operating officer, replacing Stephen Daffron. Dan Berkowitz, accounting and operations chief at SAC, takes Rowen’s place at the Stamford, Conn.-based hedge fund giant.
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…