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Renaissance Waives Management Fee
January 5, 2009
Investors in Renaissance Institutional Futures, a $3 billion futures fund managed by Renaissance Technologies, rang in the New Year with some good news for its investors. The fund is waiving all of its management fees for 2009, even if the fund performs well.
Renaissance told investors in an end-of-year letter that the futures fund was waiving its 1% fixed management fee following poor performance in 2008, the Wall Street Journal reports. The discount is estimated to save investors $30 million.
Renaissance currently has some $20 billion in total assets under management.
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