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Renaissance clients pull out after firm’s rotten run of results

For years, Renaissance Technologies was among the most exalted names in high finance, as close to a sure-thing as Wall Street had. But recent months have battered its reputation, and investors are now streaming to the exits.
Jim Simons founded Renaissance in 1982 and is the world’s largest quantitative hedge fund firm. Its reputation was built largely on the success of its Medallion fund, which has average returns of about 40 percent a year since its inception in 1988. | Photo: Mark Lennihan/AP/Ritzau Scanpix/AP
Jim Simons founded Renaissance in 1982 and is the world’s largest quantitative hedge fund firm. Its reputation was built largely on the success of its Medallion fund, which has average returns of about 40 percent a year since its inception in 1988. | Photo: Mark Lennihan/AP/Ritzau Scanpix/AP
By Hema Parmar / BLOOMBERG

Renaissance has seen at least USD 5 billion in redemptions since Dec. 1 ­ a once-unthinkable rebuke from clients after unprecedented losses from the East Setauket, New York-based firm.

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