Mercer Said To Resign As Co-CEO Of Renaissance Technologies

Nov 2 2017 | 6:01pm ET

Robert Mercer, co-CEO of quantitative hedge fund manager Renaissance Technologies and a major supporter of conservative political causes, will step down from his role at the company and sell his stake in right-wing news outlet Breitbart to his children. 

Mercer’s prominence rose during the 2016 presidential election and the significant support he provided to the Trump campaign. He and his daughter Rebekah were instrumental in securing roles for Breitbart CEO Steve Bannon and current White House advisor Kellyanne Conway in the new administration. 

He announced the decision in an investor letter, according to a Reuters article, and will turn control over to co-CEO Peter Brown in January. He is not retiring from the company, the letter reportedly added, and will stay involved with the company’s research activities as well as remain a member of the board.

Renaissance was founded in 1982 by former NSA cryptographic specialist and Stony Brook University professor Jamie Simon. The firm is widely considered to have pioneered Wall Street’s algorithmic trading sector. The firm manages some $50 billion in assets. 

The investor letter also detailed some of Mercer’s political thoughts, Reuters added, noting that he sought to distance himself from Bannon as well as conservative firebrand Milo Yiannopoulos. Broadly speaking, Mercer said he favors those who believe in smaller, less powerful government and disavowed racism of any kind, writing that is “abhorrent” and “ignorant.”

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