RenTech Founder Urged Bob Mercer to Step Down to Improve Company Morale


Jim Simons, the founding father of Renaissance Technologies, urged Robert Mercer to step down from his position as co-chief government officer over issues that his backing of Breitbart News was hurting morale on the world’s most worthwhile hedge fund, in keeping with folks accustomed to the matter.

In latest months, Mercer’s private political initiatives dragged the secretive agency into the nationwide highlight. Mercer and his daughter, Rebekah, are outstanding Republican donors and patrons of Stephen Bannon, chairman of Breitbart News, a web site that backs the nationalist motion that helped elect President Donald Trump.

Robert Mercer was urged to step down at Renaissance by Jim Simons, in keeping with folks accustomed to the matter.

(Source: Bloomberg)

Simons, who’s a significant donor to Democratic causes, negotiated Mercer’s transfer from prime government to researcher on the computer-driven agency over the previous three months, one of many folks stated. Mercer’s position will change on Jan. 1.

“I appreciated Bob’s willingness to take this step,” Simons stated Monday night time whereas attending a fundraiser for the New York Public Library.

Mercer didn’t instantly return a request for remark.

Mercer had turn out to be a lightning rod for activists. One group had begun concentrating on Renaissance Technologies’ buyers to encourage them to fireside the cash supervisor.

Simons was much less involved about an investor revolt than he was about worker morale and recruitment, in keeping with one of many folks. The agency acquired a web $1 billion in inflows this month.

In a memo despatched final week to workers to announce his resignation as co-CEO and member of the board, Mercer stated he offered his stake in Breitbart News to his daughters. He additionally stated that he was “mistaken to have supported” Milo Yiannopoulos, a former Breitbart author, and was severing ties with him as a result of statements by Yiannopoulos have brought about “pain and divisiveness.”

While Simons has by no means stated something publicly about Mercer’s political opinions, he has expressed his personal opinions about Trump. At a speech in New York City in late October, Simons stated “I think it’s basically terrible that we have a president remotely like our current president. We’ve had some doozies but never of that caliber.”

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