BloggingStocks – Over the past few weeks you probably saw signs in retail stores touting "big sales" with discounts of 50% to 70& off. It seems that Wall Street has caught on to main street’s way of doing business – discounts, discounts, discounts!

The Renaissance Technologies LLC, a large hedge fund, has waived all of its management fees for 2009. Originally it charged a 1% fixed management fee, but with the new policy it will take a $30 million dollar haircut. However, the other larger Simon’s Renaissance Institutional Equities Fund will not cut its management fee in 2009. Other funds are using similar practices. The Citadel Investment Group LLC gave back about $300 million dollars in fees it collected in 2008.

Renaissance, like many other hedge funds, suffered losses in 2008 ranging from 12% to 16% but managed to beat the S & P losses by 4-6%.

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New York (HedgeCo.Net) – Former Pacific Investment Management Co. portfolio manager John Brynjolfsson is rumored to be starting his own hedge fund in the near future.  

Ronald Solberg of Viking Asset Management will team up with Brynjolfsson to run Armored Wolf LLC, which will “vary weightings among real asset sectors and securities based on a top-down assessment of the investing environment,” according to the firm’s website.

Prior to venturing out on his own, Brynjolfsson managed the $14.4 billion Commodity Real Return Strategy Fund at Pimco and has been with the firm since 1989.  The Commodity Real Return Strategy Fund employed swap agreements to gain exposure to changes in a broad index of commodity futures prices, using portfolio assets as collateral. 

Brynjolfsson also ran the firm’s $15.5 billion Real Return Fund.  Both funds saw impressive gains in 2007 during a year when many hedge funds were suffering.  

Julie Scuderi
Senior Editor for HedgeCo.Net
Email: julie@hedgeco.net

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