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Trump backer Bob Mercer leaving hedge fund post, disavowing Milo Yiannopoulos

Robert Mercer. Photo by Oliver Contrera/ Getty Images

Prominent Trump backer Bob Mercer will step down as co-CEO of investment firm Renaissance Technologies at year-end, according to a memo viewed by Bloomberg.

Why it matters: Renaissance is known in financial circles as a quantitative hedge fund pioneer, and reportedly has around $45 billion in assets under management. But Mercer arguably has become better known in political circles for his deep support of President Trump, which is an outgrowth of his existing relationship with Steve Bannon and Breitbart News.