Reuters – Renaissance Technologies Corp., a top-performing hedge fund that has quadrupled its assets to $16 billion this year, is increasingly saying no to outside investors so it can better manage aflood of money, a person briefed on the matter said on Monday.
Renaissance, founded by mathematician-turned-financier James Simons, is finding its historically high returns are being dampened by having too much money in equity strategies at the Institutional Equities Fund, this person said.
Now, the fund is limiting capital from investors, saying it does not want to “take in too much too quickly,” this person added. It is trying to “take in money in a controlled, reasonable manner,” and told some investors it is full.
Renaissance, which placed a $20 million minimum investment for the successor to its top-rated Medallion fund, declined to comment.
A slowdown in the robust fund raising comes as the Institutional Equities Fund told investors it posted a negative 1.5 percent net return in November and sluggish returns of 1.24 percent in October and 1.68 in September.
