NYT – James H. Simons, one of the most respected money managers in the hedge fund industry, told investors Thursday he planned to step down from day-to-day management of Renaissance Technologies, the firm he founded over 30 years ago.

Mr. Simons, 71, plans to become the nonexecutive chairman of Renaissance on Jan. 1 but will remain the firm’s majority shareholder and participate in all major corporate decisions, he said in a letter to investors.

Peter Brown and Robert Mercer, who have been co-presidents of the firm, will be elevated to co-chief executives and have responsibility for the firm’s 300 employees.

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Tags: chief-executives, hedge fund, majority shareholder, money-managers

CNBC – Fortress Investment Group LLC has named former Fannie Mae CEO Daniel H. Mudd as its new CEO, effective Aug. 11.

Mudd, a Fortress board member, takes over for co-founder and majority shareholder Wesley Edens. Edens will remain with the alternative asset manager as co-chairman, a title he will share with Peter L. Briger.

Fortress said late Sunday that the personnel change will allow Edens, along with Briger, Michael Novogratz, Robert Kauffman and Randal Nardone, to concentrate on managing existing investments and finding new investment opportunities. The four executives will continue to own about 70 percent of the company.

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Tags: asset-manager, board member, briger, ceo, cnbc, co chairman, co founder, fannie mae, fortress-investment-group, fortress-investment-group-llc, investment-opportunities, investments, majority shareholder, michael novogratz, mudd, personnel change, randal, robert kauffman, wesley edens

West Palm Beach (HedgeCo.net) – Hedge fund and alternative investor, Investcorp, along with its consortium partners Eastgate Capital Group and The National Investor, announced the acquisition of a 70% stake in Saudi gold and jewelry makers, L’azurde.

L’azurde had 2008 revenues of more than US$ 500 million and grew EBITDA by 14% over the previous year, making it over four times the size of its nearest competitor, employing over 2000 people, selling throughout the Middle East through 4,200 wholesale accounts, including to secondary markets through its distribution capabilities in the UAE. In addition, it has 18 flagship retail stores across the region.

Investcorp has made the investment through its $1.1 billion Gulf Opportunity Fund I, the first fund from Investcorp’s Gulf Growth Capital business, launched in 2007. This acquisition comes two months after the Fund closed its first deal, the November 2008 acquisition of Redington Gulf, the leading distributor and service provider of IT and telecom products in the Middle East and Africa. The Investcorp-led consortium will be the majority shareholder in L’azurde, and will help to institutionalise the company, to expand its markets and to build its brand across MENA and internationally.

"Despite challenging economic and market conditions, this is evidence of the resilience of Investcorp’s unique business model." Nemir Kirdar, Executive Chairman & CEO of Investcorp, said, "Good business opportunities are available in MENA and deals can be done. Our Gulf franchise and local reputation were key in getting us this deal and in forging this partnership…to add value to L’azurde over the coming years."

Alex Akesson

Tags: accredited-investors, capital-group, consortium partners, distribution capabilities, executive chairman, good business, investcorp, jewelry makers, majority shareholder, mena, national investor, opportunity fund, palm-beach, redington, secondary markets, telecom products, wholesale accounts