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Source: China Knowledge China Knowledge

CIC to invest in Renaissance Technologies

Published: 17 Jun 2009 22:58:55 PST
Jun. 18, 2009 (China Knowledge) - China Investment Corp (CIC), the country's US$200 billion sovereign wealth fund, intends to spend billions of U.S. dollars for a stake in Renaissance Technologies, one of the most famous and successful hedge funds on Wall Street, the 21st Century Business Herald reported on Thursday.

A senior official from Renaissance Technologies recently said that the U.S. hedge fund plans to sell some shares to outside investors.

The shares planned to be sold are those held by the company's 71-year-old founder James Simons, who is approaching retirement, said sources familiar with the matter.

However, company spokesman Jonathan Gasthalter on Friday said that Simons is not in a hurry to retire and sell his stake.

Last year, Simons visited China and spoke with CIC officials about selling a multibillion-dollar stake in Renaissance Technologies, but they did not settle any deals, said the newspaper.

CIC, which currently has about 200 employees, on Tuesday said it has launched a new round of global recruitment to support expansion, offering job opportunities in more than 33 categories in 13 departments, sources reported.

CIC, which has agreed to spend US$1.2 billion buying common shares in Morgan Stanley to raise its stake in the U.S. bank to 9.86%, confirmed on Wednesday that it will lend A$200 million (US$159 million) to Australia's leading property trust, Goodman Group.


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