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Renaissance Technologies

For technologies during the Renaissance period, see Renaissance technology.

Renaissance Technologies LLC
Company typePrivate
IndustryFinancial services
Founded1978 (as Monemetrics)
1982 (1982) (as Renaissance Technologies)
Founders
Headquarters
East Setauket, New York
,
U.S.
Key people
Peter Fitzhugh Brown (CEO)
Products
  • • Medallion Fund
  • • Institutional Equities Fund
  • • Institutional Diversified Alpha
  • • Institutional Diversified Global Equities
AUMUS$130 billion
(as of April 19, 2021)[2]
Number of employees
310[3] (2021)
Websiterentec.com

Renaissance Technologies LLC, also known as RenTech[4] or RenTec,[5] is an American hedge fund based in East Setauket, New York,[6] on Long Island, which specializes in systematic trading using quantitative models derived from mathematical and statistical analysis. Their signature Medallion fund is famed for the best record in investing history. Renaissance was founded in 1982 by James Simons, a mathematician who formerly worked as a code breaker during the Cold War.

In 1988, the firm established its most profitable portfolio, the Medallion Fund, which used an improved and expanded form of Leonard Baum's mathematical models, improved by algebraist James Ax, to explore correlations from which it could profit. Elwyn Berlekamp was instrumental in evolving trading to shorter-dated, pure systems driven decision-making.[7] The hedge fund was named Medallion in honor of the math awards that Simons and Ax had won.[8][9]

Renaissance's flagship Medallion fund, which is run mostly for fund employees,[10] is famous for the best track record on Wall Street, returning more than 66 percent annualized before fees and 39 percent after fees over a 30-year span from 1988 to 2018.[6][11] Renaissance offers two portfolios to outside investors—Renaissance Institutional Equities Fund (RIEF) and Renaissance Institutional Diversified Alpha (RIDA).[12]

Because of the success of Renaissance in general and Medallion in particular, Simons has been described as the "best money manager on earth".[13]

Simons ran Renaissance until his retirement in late 2009.[14] He continued to play a role at the firm as non-executive chairman, which he stepped down from in 2021,[15] and remained invested in its funds, particularly the Medallion fund until his death in 2024.[16] The company is now run by Peter Brown (after Robert Mercer resigned). Both of them were computer scientists specializing in computational linguistics who joined Renaissance in 1993 from IBM Research.[1][12][17] The fund has $165 billion in discretionary assets under management (including leverage) as of April 2021.[18]

  1. ^ a b Patterson, Scott (16 March 2010). "Pioneering Fund Stages Second Act". Wall Street Journal. Retrieved 1 November 2015.
  2. ^ "The largest managers of hedge funds (P&I Sep 2019)". No. Special Report Hedge Funds. United States: Pensions & Investments. Crain Communications Inc. 16 September 2019. Archived from the original on 30 July 2020. Retrieved 15 October 2019.
  3. ^ "Renaissance Technologies LLC – NEW YORK, NY – Avoid Fraud, Get The Facts, And Find The Best". investingreview.org. Retrieved 2 May 2023.
  4. ^ Weiss, Miles (1 February 2019). "Hedge Fund RenTech Created the Ultimate, Tax-Free IRA Account for Employees". Bloomberg. Archived from the original on 7 April 2020. Retrieved 7 April 2020.
  5. ^ "Inside Renaissance Technologies Medallion Fund". Attic Capital. 23 November 2019. Archived from the original on 7 April 2020. Retrieved 7 April 2020.
  6. ^ a b Mider, Zachary R.; Rubin, Richard (11 July 2014). "Renaissance Said Probed by Senate Panel on Tax Maneuver". Bloomberg. Archived from the original on 5 January 2016. Retrieved 26 December 2015.
  7. ^ Zuckerman, Gregory (2019). The Man Who Solved The Market. ISBN 978-0735217980.
  8. ^ Cite error: The named reference bloomberg_271107 was invoked but never defined (see the help page).
  9. ^ "The American Mathematical Society and the Mathematical Sciences Research Institute's 2014 AMS Einstein Public Lecture in Mathematics with James H. Simons". youtube.com. San Francisco State University. Archived from the original on 16 March 2016. Retrieved 11 November 2015.
  10. ^ "Jim Simons Bio, Returns, Net Worth". Insider Monkey. Archived from the original on 21 October 2015. Retrieved 31 October 2015.
  11. ^ Zuckerman, Gregory (2 November 2019). "The Making of the World's Greatest Investor". Wall Street Journal. ISSN 0099-9660. Archived from the original on 6 November 2019. Retrieved 7 November 2019.
  12. ^ a b Herbst-Bayliss, Svea (15 October 2015). "Renaissance Technologies to shut small hedge fund: sources". Reuters. Archived from the original on 25 October 2015. Retrieved 31 October 2015.
  13. ^ "Quants: the maths geniuses running Wall Street". The Telegraph. Retrieved 2 April 2021.
  14. ^ PÉREZ-PEÑA, RICHARD (13 December 2011). "Stony Brook University to Get $150 Million Gift". New York Times. Archived from the original on 9 September 2017. Retrieved 28 February 2017.
  15. ^ Zuckerman, Gregory (14 January 2021). "WSJ News Exclusive | James Simons Steps Down as Chairman of Renaissance Technologies". Wall Street Journal. ISSN 0099-9660. Retrieved 14 January 2021.
  16. ^ "Forbes 400". Forbes.com. Archived from the original on 31 August 2019. Retrieved 1 November 2015.
  17. ^ Blake, Mariah. "Why Are These Hedge Fund Kingpins Dumping Millions Into the Midterms?". Mother Jones. Archived from the original on 15 October 2014. Retrieved 14 October 2014.
  18. ^ "The Medallion Fund Is Still Outperforming. Other Renaissance Funds Still Aren't". Institutional Investor. Retrieved 19 April 2021.

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