Hedge Funds

Has the all conquering Renaissance program been stolen?

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Jim Simons' Renaissance Technologies filed a suit in the New York State Supreme Court, that claims Millennium Partners, run by Israel Englander, poached two programmers with intimate knowledge of Renaissance's proprietary statistical arbitrage strategy with the intent of using the strategy to juice up returns at Millennium.

The complaint charges the programmers, Dr. Pavel Volfbeyn and Dr. Alexander Belopolsky, with theft of trade secrets and alleges that Millennium "intends to profit from the theft." According to the complaint, Volfbeyn and Belopolsky were fired in the summer of 2003 after they failed to renew their