MSN MoneyCentral – Renaissance Technologies, one of the best-known and best-performing hedge fund groups in the world, has recorded its first fund loss in almost 20 years.
Renaissance’s Institutional Equities fund, which it launched in 2005 and designed to hold up to $100bn, lost 1 per cent of its value in 2007, according to investors.
Renaissance, founded by Jim Simons, a former mathematics professor, is one of the most respected names in the hedge fund world.
Its first main fund, Medallion, has returned an average of more than 30 per cent a year, using quantitative computer-driven trading strategies.
However, Medallion manages money only for Mr Simons and Renaissance employees, and has been closed to outside investors for several years.
