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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Renaissance, which placed a $20 million minimum investment for the successor to its top-rated Medallion fund, declined to comment.<\/p>\n
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.<\/p>\n