Investing legend James Simons steps down as chairman of Renaissance Technologies

Investing legend James Simons steps down as chairman of Renaissance Technologies

Legendary
investor
James
Simons
has
stepped
down
from
his
role
as
chairman
at
his
secretive
hedge
fund
Renaissance
Technologies.

The
82-year-old
Simons

a
former
math
professor
who
became
one
of
the
most
successful
investors
in
history
by
pioneering
computer-based
stock
trading

notified
investors
in
December
that
he
would
be
passing
the
torch
to
RenTech’s
chief
executive
Peter
Brown
on
Jan.
1.

Simons
has
not
been
in
charge
of
the
day-to-day
operations
of
the
$116
billion
fund
for
nearly
a
decade,
but
his
continued
role
as
chairman
had
maintained
his
profile
at
the
fund
he
founded
in
1982. 

Simons,
who
has
a
PhD
in
math
and
was
a
codebreaker
during
the
Cold
War,
will
remain
on
the
board,
a
company
spokesman
confirmed.
RenTech
pioneered
the
quantitative
trading
strategy
that
has
become
a
cornerstone
of
the
hedge
fund
industry
and
made
Simons
a
very
wealthy
man.

Forbes
estimates
Simons’
net
worth
at
$23.5
billion
and
he
has
consistently
been
one
of
the
highest-earning
hedgies
in
the
world
even
after
RenTech
shuttered
its
flagship
Medallion
fund
to
outside
money
in
1993.

That
same
fund
famously
returned
98
percent
in
2008
as
financial
crisis
crushed
markets.
It
returned
76
percent
in
2020
as
the
COVID
pandemic
ravaged
the
global
economy.

The
news
of
Simons’
decision
was

first
reported
by
the
Wall
Street
Journal
(paywall)
.

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