Hedge-Fund Legend Simons Will Retire

[Andy Nguyen]

Ilya probably will cry when reading this

James Simons, who's led one of the world's most profitable hedge funds for nearly three decades and helped pioneer computer-driven trading, will retire as chief executive of his firm, Renaissance Technologies, at the start of next year.

In an afternoon meeting Thursday at his firm's offices on New York's Long Island, Mr. Simons, 71, told employees of his decision and named his successors.

"I have led the organization and its predecessor for thirty one years, and it is definitely time to pass the torch," Mr. Simons wrote in a letter sent to investors Thursday.

Hedge-Fund Legend Simons Will Retire - WSJ.com

 

[alain]

Ilya is probably crying by now...

 

[IlyaKEightSix]

[DarthVader]NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO[/DarthVader]

In all seriousness though...Medallion by now is its own monster, bigger than any one man. Much in the same way that Schmidt says that Google would function as usual if he left. So now Jim Simons stepped back from Medallion in the same way that Shaw stepped back from D.E. Shaw.

I'm just wondering what he's going to be doing with all his time now. Here's to hoping it's MfA. At my former high school, we have 19 people in multivariable calc (one's a sophomore), and one person made it to the third round of USAMO qualifiers.

I'm just wondering if the USA will become #1 in k-12 math/science education in Jim Simons's lifetime. That'd be a nice way for him to put the exclamation point on society.

 

[Andy Nguyen]

Renaissance, founded by James Simons in 1982, may be the most successful hedge-fund firm ever. Its Medallion fund has returned roughly 45% a year since it started in 1988, after fees, the Journal said.
Simons stepped down in January, leaving Brown and Mercer in charge. In an interview with the Journal, they said they're examining whether to shut down the Renaissance Institutional Equities Fund and the Renaissance Institutional Futures Fund -- two other hedge funds the firm launched in 2005 and 2007.

These funds had different return objectives than Medallion; however, the newer funds have struggled in recent years. Brown and Mercer said the Renaissance Institutional Equities Fund met its goal of beating the broader market over time, but they conceded that it hadn't lived up to expectations, the newspaper said.

A spokesman for Renaissance declined to comment.

However, the Journal noted that activity at Renaissance's headquarters in East Setauket, N.Y., doesn't suggest the firm is retrenching. Heavy machines are preparing for the construction of new buildings to house more computer servers, offices and possibly a squash court for employees, the newspaper reported.

New Renaissance CEOs consider a few changes: WSJ - MarketWatch

 

[bigbadwolf]

I'm just wondering if the USA will become #1 in k-12 math/science education in Jim Simons's lifetime.

That is impossible.