Brocker.Org: A secretive hedge fund firm that has legendary position on Wall Road is attracting new revenue


Jim Simons, founder of Renaissance Technologies.TED

A strategy operate by Renaissance Technologies, the secretive multibillion hedge fund firm, is attracting fresh money.

The firm’s Renaissance Institutional Fairness Fund (RIEF) grew by about $4 billion in 2016, ending the year with $fourteen.nine billion following commencing 2016 with about $ten.nine billion, in accordance to a individual common with the make any difference.

The individual declined to be named for the reason that the details is private.

To be guaranteed, most of that enhance is from efficiency, as the fund returned 21.5% past year, equal to about $2.35 billion in gains. Nevertheless, a rough calculation exhibits that the fund most likely took in about $1.6 billion in new revenue in 2016.

The cash raise arrives at a time when a lot of hedge resources are battling to attract new revenue. A spokesman for Renaissance declined to comment for this write-up.

Renaissance’s most well known fund, Medallion, has been closed to revenue from exterior buyers since 1993. RIEF, however, is open, and Renaissance believes it however has area to expand, the person said. 

Renaissance, or RenTec for quick, is one of the industry’s most profitable hedge fund corporations, getting legendary position for its Medallion fund. The fund, potentially the most profitable moneymaker of all time, has beat out legendary buyers like George Soros and Ray Dalio, Bloomberg reported past year.

The firm has a heritage of minting millionaires and billionaires, some of whom have long gone on to donate a ton of revenue to politicians.

Robert Mercer, RenTec’s billionaire co-CEO, is one of Trump’s most important backers, and donated $22.5 million past year to conservative teams, in accordance to a tally by the Centre for Responsive Politics.

He and is daughter, Rebekah Mercer, are shut with a lot of in the Trump crew, including Stephen Bannon, Trump’s adviser and founder of site Breitbart, a significantly-suitable site that is recognized for endorsing white-nationalist views.

The firm’s founder, Jim Simons, meanwhile, has backed liberals. Simons donated about $twenty five million to liberal teams past year, in accordance to the Centre for Responsive Politics, creating him the fifth most important person donor in general.