GoLocalProv | Prov Pension Fund Investment Continues to Flounder - Drops Another 9 5% in January golocalprov.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from golocalprov.com Daily Mail and Mail on Sunday newspapers.
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The financially troubled Providence, R.I., pension system has placed more than 9 percent of its total investment portfolio in a Renaissance Technologies hedge fund that lost almost 20 percent last year.
At the end of January, Providence had $33 million of its total investment account of more than $361 million in the Renaissance Institutional Equities Fund, according to a report prepared by its advisor, Wainright Investment Counsel, a Rhode Island consultancy that advises the city on its pension investments. The report was presented to the city’s board of investment commissioners on January 28.
Providence’s investment in the Renaissance fund also fell 5.8 percent in January, with a trailing one-year return of 19.4 percent, according to the report.
The Providence pension fund has 12% of its investments in hedge funds and the vast majority of it is in one fund — Renaissance Institutional Equities Fund. Providence’s beleaguered pension lost millions in that one investment in 2020.
RenTech Canât Be Wrong, So The World Must Be
I mean, no objection with the second clause, but.
Author:
I mean, no objection with the second clause, but.
Last year was one of the best hedge fund in history’s best years ever. Renaissance Technologies’ Medallion Fund, which firm co-founder and piss collector Robert Mercer would probably sacrifice several toes for a larger stake in, enjoyed what appears to be its third-strongest year since inception in 2020, which is saying something for a fund that’s got an annualized return of 39.1% since 1988. But last year it did almost twice that, rising 76%.
Both Jim Simons and his Son Step Down from Chair Roles at Renaissance Technologies
Posted on 01/14/2021
Renaissance Technologies LLC founder Jim Simons, age 82 (83 in April 2021), stepped down as Chairman of his hedge fund. The firm’s CEO Peter Brown is staying on as the sole chairman. Jim’s son, Nathaniel Simons, will also stand down as firm co-chair. Both Jim and Nathaniel Simons will remain on the board as directors.
Jim Simons is a former cold war codebreaker and math teacher. Jim Simons named his son as co-chairman of Renaissance Technologies in January 2020.
Simons stepped back from the day-to-day management of Renaissance Technologies in 2010 when he handed over the reins to Brown and Robert Mercer. Robert Mercer left Renaissance Technologies in 2017.