Renaissance’s Insiders Get an Added Bonus With Medallion Fee Cut
- Firm discloses it cut Medallion management fee to 4% from 5%
- Fund assets almost double prior year, regulatory filing shows
Photographer: Amanda Gordon/Bloomberg
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Renaissance Technologies employees enjoyed a banner year in 2020 as the firm’s secretive internal fund crushed the broader market. Now, they’re getting an added bonus: a reduction in one of the fees they pay for the privilege of investing in the Medallion fund.
Renaissance cut Medallion’s annual management fee to 4% from 5% of net assets, which went into effect in January, according to a March 30 regulatory filing. According to one person with knowledge of the fund, Renaissance has yet to explain the fee reduction to Medallion investors, who include employees as well as some individuals with deep ties to the firm.