Renaissance Hedge Fund Ends No-Fee Investment Perk After IRS Complaints

Renaissance Technologies is ending one of the hedge fund industry’s most coveted benefits: the chance for its workers to invest their retirement nest egg in its famously profitable employee-only fund fee-free, after the practice caught the attention of the Internal Revenue Service.

The firm cashed out investments in its Medallion fund that employees had made through certain tax-advantaged retirement accounts and private foundations, according to a regulatory filing.