Renaissance Technologies Holds Back Some Client Withdrawals

Posted on 05/28/2021

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Credit Suisse is holding back some client withdrawals for a fund managed by Renaissance Technologies LLC. A hold back clause was invoked to stem fund outflows. Credit Suisse has seen redemption requests prompted by the poor performance of the CS Renaissance Alternative Access Fund. Assets under management slumped to about US$ 250 million in May 2021, from approximately US$ 700 million at the start of 2020.

Jim Simons’ Renaissance Technologies has been impacted by more than US$ 5 billion in redemptions since December 1, 2020. CS Renaissance Alternative Access Fund lost about 32% in 2020, which is similar with the decline in the Renaissance Institutional Diversified Alpha Fund.

Renaissance Technologies is known as RenTech.