Renaissance Technologies, the giant hedge fund founded by billionaire Jim Simons, looks like it has created the premier, tax-free retirement account for its employees.
A deft maneuver back in 2012 enabled employees to invest in RenTech's Medallion Fund, one of the most successful hedge funds of all time, via individual retirement accounts.
A recent filing with the Labor Department provides a glimpse into the wealth Medallion has generated within RenTech employees' IRAs. As of late 2017, the IRA assets exceeded $660 million, representing an eight-fold jump in roughly five years.
The gains stemmed from Renaissance's ability to capitalize on a key rule change involving Roth IRAs.