Renaissance backs former SAC manager

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Renaissance Technologies’ Meritage Fund is providing an unusual $300 million multi-year commitment of capital to a hedge fund operation being set up by Neil Chriss, a former chief of quantitative strategies at SAC Capital Advisors.

Hutchin Hill Capital of New York will run a global multistrategy fund focused on systematic, process-driven strategies operating in a broad variety of highly liquid asset classes and markets. It will contain both quantitative and fundamental strategies.

Meritage, a $3.5 billion multimanager vehicle that invests the assets of founder Jim Simons and other Renaissance principals and employees in outside funds and was once part