Renaissance to Offer Quicker Withdrawals
By Kelly Bit
Renaissance Technologies LLC, the $20 billion investment firm founded by Jim Simons, will allow more frequent withdrawals as it seeks to attract institutional investors.
All of Renaissance’s hedge funds now offer clients the option to redeem monthly, the East Setauket, New York-based firm said last week in an e-mail, a copy of which was obtained by Bloomberg News. Previously, they could take their money out quarterly.
Three-quarters of institutional investors require easier withdrawal terms than they did in 2008, according to Preqin Ltd., a London-based research firm. During the financial crisis, many fund managers put up so-called gates to prevent clients from pulling their money.
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