Renaissance Clients Exit After Firm’s Anemic Run of Results (Bloomberg) 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. Renaissance has seen at least $5 billion in redemptions since Dec. 1 — a once-unthinkable rebuke from clients after unprecedented losses from the East Setauket, New York-based firm.
The public fund which has a longer duration has done horrible. Go figure, the partner internal fund is killing it.
Now the clients have withdrawn money, these funds that lost in 2020 will probably have outlier upside years.
Their Medallion fund was doing fine before they opened the other fund. And they will do just fine with less distractions and dealing with empty accusations.
They were upfront honest that their public funds will not mimic Medalion. Still people were fighting to give them money because of their name. Not surprising how it played out so far.