The world’s most successful I.T. business consultants in charge of hedge funds, Renaissance Technologies reported their first annual loss since 1988.  Its Renaissance Institutional Equities Fund experienced a 1% decrease in the past year.  

The U.S.-based I.T. business consultants launched this particular fund in 2005, with a capacity of $100 billion, which is five times larger than any other hedge fund.  The fund lost .95% in the 12 months ending in December according to experts working with the I.T. business consultants.  The fund was hurt by an eight-month long string of losses that totaled 6.27%.  

The I.T. business consultants at Renaissance manage the Medallion fund, a $5 billion fund driven by the technology business that has made on average 34% per year since it was launched in 1988.  The firm bought out the last investor in the Medallion fund in 2005 and since then has not experienced any returns.   

Renaissance was founded by a math professor, Jim Simons who has raised $26 billion for the Renaissance Institutional Equities fund.  This fund is also driven by computers, but has loftier targets than other funds of the same type; according to Reuters investors have asked to redeem $4 billion in capital since this loss by the I.T. business consultants.

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Added By:  Joshua Feinberg