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Renaissance’s Simons Delays Retirement Plans

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Wall Street Journal reports, “Renaissance Technologies founder James Simons this year took steps to retire from his famed hedge-fund firm but has put the plans on hold for now, people familiar with the discussions say. The firm won’t discuss the reasons behind his moves. But Mr. Simons appears increasingly willing to part with at least some control of his hedge-fund firm, one of Wall Street’s most famous, successful and secretive. The 71-year-old executive has traveled to China to talk with officials of the China Investment Corp., the $200 billion sovereign-wealth fund, about selling a multibillion-dollar stake in Renaissance, people with knowledge of the matter said. It isn’t uncommon for leaders of investment-management firms to sell stakes as they approach retirement. The China talks, which took place last year, didn’t lead to a deal, the people said. But this year, a top Renaissance executive told Wall Street associates that the firm could sell a stake, a person outside Renaissance who was involved in the talks said. CIC didn’t respond to a request for comment.”

read more: Wall Street Journal

US Becomes the Largest Crude Oil Producer in the World

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With the onset of fracking technology and a flood of capital entering the Texas energy market over the past decade, the United States is now the largest producer of crude oil. According to the U.S. Energy Information Administration, on September 12th, they revealed, “The United States likely surpassed Russia and Saudi Arabia to become the world’s largest crude oil producer earlier this year, based on preliminary estimates in EIA’s Short-Term Energy Outlook (STEO). In February, U.S. crude oil production exceeded that of Saudi Arabia for the first time in more than two decades. In June and August, the United States surpassed Russia in crude oil production for the first time since February 1999.”

Light sweet crude oil grades have rapidly expanded since 2011.

With two months remaining before U.S. sanctions go into effect against Iran, Iran’s crude exports are falling fast. European oil companies are exiting Tehran fearful of the repercussions of sanction violations, coupled with the country’s currency crisis. Iran’s influence over global oil prices have dwindled.

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Trump Goes Across the Political Aisle to Nominate Nellie Liang to Federal Reserve Board

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U.S. President Trump nominated Nellie Liang to the Federal Reserve Board of Governors. She is a long-time staff member of the Federal Reserve, joining in 1986 as a research economist. Liang must still be confirmed by the U.S. Senate pending the job post. She is a graduate of University of Notre Dame in 1979 and received her doctorate from the University of Maryland in 1986.

Ms. Liang is a registered Democrat.

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Ivanhoé Cambridge to Acquire Callahan Capital Properties

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Ivanhoé Cambridge, a unit of Caisse de dépôt et placement du Québec (CDPQ), signed a deal to acquire Callahan Capital Properties (CCP). Eastdil Secured advised on the transaction. CCP is Ivanhoé Cambridge’s investment partner of six years.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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