Renaissance fund forgoes management fees amid poor returns
A hedge fund managed by Renaissance Technologies has waived its 1% fixed management fee this year following a 12% decline last year, a rare gesture underlining the likelihood of fund managers' pay facing further scrutiny over the next 12 months, according to a report in The Wall Street Journal.
The one-year fee waiver amounts to nearly a $30m (€22m) price cut from what investors in the year-old $3bn futures fund, Renaissance Institutional Futures, would have paid. The discount remains valid even if the fund posts good results this year, the WSJ report said.
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