Renaissance Technologies and Pershing Square International, titans of the hedge fund investment world, have had a tumultuous start to the year according to an HSBC industry report, as some managers have scrambled to reposition amidst a spike in market volatility.

Renaissance's institutional equities fund international lost 9.5% through to 29 January and its institutional diversified alpha fund dropped 5.4%. Last month, its founder, James Simons told investors he would retire as chair at the beginning of 2021. The move comes after Renaissance funds open to outside investors fell between 20% and 32% in 2020, HSBC found.