Griffin and Wepsic join battle against Millennium
and its Russian scientists
Jim Simons, founder of Renaissance Technologies,
has received support from other big guns in the hedge fund
industry, such as Ken Griffin, founder of Citadel, and Eric
Wepsic, a senior executive at D.E. Shaw, who have testified on
his side in a legal action recently launched against Millennium
Partners and two of their Russian scientists alleging that they
conspired to steal Renaissance's phenomenally successful
statistical arbitrage program.
The case is already attracting the keen attention of many of
the leading hedge fund groups as it may prove to be a test-case
in their battle to hold on to their unique and proprietary ways
of trading. This explains why so many of the big groups, like
D.E. Shaw, Citadel, Amaranth, Viking and Clinton Group, use
complex non-compete clauses to protect their businesses.
However, it is far from certain...