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Renaissance Denies Plan to Sell Minority Stake
by Christopher Glynn ,Senior Reporter, August 28, 2007
Renaissance, run by mathematical physicist-turned-billionaire Jim Simons, is denying reports that it is considering to sell a stake in itself.
"Renaissance Technologies has no plans whatsoever at this point to sell shares of the company," said Joan Campion, a spokeswoman from the firm.
Selling a minority stake is a burgeoning industry trend. A minority sale can provide a company with an infusion of ready capital.
In February, HedgeFund.net reported startup Signal Capital was hoping to sell a stake in itself to raise money. A month later, HFN reported FBS Management would do the same. In late July, SAC Capital was said to be considering a minority sale.
Renaissance is known for using a quantitative strategy—an investment technique based on statistical modeling. The strategy has suffered in 2007, hurt by equity market volatility. This month, Renaissance revealed it is down 7.4% for the year.
Simons, who earned $1.7 billion in 2006, started Renaissance in 1982.
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