SVFAU - Wall Street Breakfast: Renaissance Hedge Funds Hit With $5B In Redemptions

Listen on the go! A daily podcast of Wall Street Breakfast will be available by 8:00 a.m. on Seeking Alpha, iTunes, Stitcher and Spotify. Renaissance hedge funds hit with $5B in redemptionsJim Simons' Renaissance Technologies has seen at least $50B in redemption since the start of December, Bloomberg reports, citing investor letters. Clients withdrew a net $1.85B from the three hedge funds in December, called for $1.95B in January and are set to pull $1.65B this month. Background: The quant-based public hedge funds posted double-digit losses last year. Renaissance told clients in September it was under-hedged during the March plunge and over-hedged when stocks recovered. Its fund for employees and insiders, though, jumped 76%, Institutional Investor reports.Fund's origin: Renaissance, the world's largest quantitative hedge fund firm, was founded in 1982 by Simons, a former codebreaker for the National Security Agency. He announced last month that he's stepping down as chairman

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Wall Street Breakfast: Renaissance Hedge Funds Hit With $5B In Redemptions