- Renaissance Technologies, the legendary and secretive hedge fund coheaded by conservative donor Bob Mercer, has been making a ton of money lately, and is attracting new investors.
- Mercer just announced he would be stepping down from his role as co-CEO, but will stay on as a researcher at the firm.
Renaissance Technologies, the legendary and secretive hedge fund coheaded by conservative donor Bob Mercer, has been crushing competitors.
All three of its funds are up in the double digits this year, according to a person familiar with the firm. These are the numbers this year through October:
- Renaissance Institutional Equities Fund 15%
- RIDA 10.5%
- RIDGE 14%
By comparison, the average hedge fund is up 5.7% this year through September, according to data from HFR. October figures weren’t yet available.
Investors have given Renaissance $US1 billion in the month of November, the person familiar with the firm said. The hedge fund now manages more than $US50 billion.
The Long Island-based firm has been raising money for some time, growing by more than $US6 billion in the first half of 2017, according to the Absolute Return Billion Dollar Club ranking.
Renaissance is one of the hedge fund industry’s most notable funds, known by investors for its consistently high returns.
Mercer told clients in a letter Thursday that he would be stepping down from his role as co-CEO — he will remain as a researcher — and selling his stake in Breitbart to his daughters – including Rebekah Mercer, a Republican donor who served on the executive committee of President Donald Trump’s transition team.
This story has been updated to clarify that Mercer co-headed, but did not co-found, Renaissance.