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Alternative Market Briefing

Robert Mercer steps down from leadership role at Renaissance Technologies.

Friday, November 03, 2017

Bailey McCann, Opalesque New York:

Robert Mercer is stepping down from his role as co-chief executive of quantitative hedge fund Renaissance Technologies, the Financial Times is reporting.

In a memo to staff highlighted in the article, Mercer, who has emerged as a prominent supporter of Republican causes, outlined his reasons for supporting the party. He also touched on the increased scrutiny he and Renaissance Technologies have faced in the press as a result of his support. In an effort to tamp down attention, Mercer noted that he will leave his leadership post at the hedge fund and will join the firm's technical staff. He will also be selling his ownership stake in conservative news outlet Breitbart News to his daughter Rebekah Mercer.

Earlier this year, Mercer was the subject of a widely read New Yorker profile that outlined his role in funding Republican causes and backing President Trump. Breitbart News is led by former White House Chief Strategist Steve Bannon, a controversial figure even within conservative circles. The outlet is known for backing certain Republican candidates and publishing news designed to undermine others inside the party, in addition to maintaining a staunch position against the poli......................

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