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Top Hedge Fund Renaissance Technologies Facing $7 Billion Tax Settlement for Trading Profits

3rd September 2021 | Hong Kong

Top hedge fund Renaissance Technologies managing more than $130 billion AUM is facing a $7 billion tax settlement with the United States tax authorities (IRS) for improperly reduced their tax liability from trading profits.   In 2014, the late United States Senator Carl Levin had detailed a practice in which Deutsche Bank and Barclays had helped several hedge funds including Renaissance Technologies to treat capital gains as longer-term profits, resulting in a lower tax rate compared to gains made from trades on assets held for less than a year, and saving Renaissance an estimated $6.8 billion in taxes.  To treat capital gains as longer-term profits, the banks sold the Hedge Funds options.  Renaissance Technologies will be paying tax, interests and penalties, while investors of the fund will pay tax and interests.  Founder of Renaissance Technologies James Simons will pay an additional additional settlement payment of $670 million to the United States IRS (Internal Revenue Service).  (AUM ~ Assets under Management)

“ Top Hedge Fund Renaissance Technologies Facing $7 Billion Tax Settlement for Trading Profits “


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Renaissance Technologies with $130 Billion AUM

Renaissance Technologies Website

Renaissance Technologies is one of the largest hedge fund in the world with around $130 billion Assets under Management (AUM).  James Simons, former math professor, co-founded Renaissance Technologies 38 years ago in 1982 and pioneered quantitative trading in the hedge funds industry.

The flagship fund of Renaissance Technologies is the legendary “Medallion und”, which returned around 39% a year for 30 years.  In 2020, with the Covid-19 pandemic, the fund lost more than 30%.  James Simons retired in 2010 from Renaissance but stayed on as Chairman and stepped down in 2021.  Chief Executive Officer Peter Brown was appointed the new chairman of Renaissance Technologies in 2021.  

James Simons is a billionaire and is one of the wealthiest man in the world with a net worth of around $23 billion.


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