Renaissance Technologies has decided to forfeit the management fee on its relatively new commodity futures vehicle this year.
Renaissance Institutional Futures Fund began trading in October 2007. The vehicle lost 12% in 2008, leaving it with an annualized decline since inception of about 6%, according to an investor.
The firm charges a fee of 1% of assets to run the fund. With a capital base of roughly $3 billion, the move would cost Renaissance about $30 million in 2009.
With some funds struggling to survive after a disastrous year marked by the collapse of Wall Street and the markets, several