History
Started in 1982 by James Simons, Renaissance currently has more than $23 billion in assets under management. Since 1989, the company's $5 billion Medallion Fund has averaged 35% annual returns after fees. The Medallion Fund is one of the most successful hedge funds. In 2011, out of 144 tech pro, Renaissance Technology was ranked as no. 4 of the best IT department in financial services. Simons retired at the end of 2009.
Renaissance charges a management fee of 5% and a profit participation of, initially 36%, and now 44%, both of which are higher than the industry standard of 2% and 20%, respectively.
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Famous quotes containing the word history:
“History is more or less bunk. It’s tradition. We don’t want tradition. We want to live in the present and the only history that is worth a tinker’s damn is the history we make today.”
—Henry Ford (1863–1947)
“Regarding History as the slaughter-bench at which the happiness of peoples, the wisdom of States, and the virtue of individuals have been victimized—the question involuntarily arises—to what principle, to what final aim these enormous sacrifices have been offered.”
—Georg Wilhelm Friedrich Hegel (1770–1831)
“We don’t know when our name came into being or how some distant ancestor acquired it. We don’t understand our name at all, we don’t know its history and yet we bear it with exalted fidelity, we merge with it, we like it, we are ridiculously proud of it as if we had thought it up ourselves in a moment of brilliant inspiration.”
—Milan Kundera (b. 1929)