{"id":155261,"date":"2021-01-14T19:54:44","date_gmt":"2021-01-14T16:54:44","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/james-simons-steps-down-as-chairman-of-renaissance-technologies\/"},"modified":"2021-01-14T19:54:44","modified_gmt":"2021-01-14T16:54:44","slug":"james-simons-steps-down-as-chairman-of-renaissance-technologies","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/james-simons-steps-down-as-chairman-of-renaissance-technologies\/","title":{"rendered":"#James Simons steps down as chairman of Renaissance Technologies"},"content":{"rendered":"

“#James Simons steps down as chairman of Renaissance Technologies<\/strong>”
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Legendary investor James Simons has stepped down as chairman at his secretive hedge fund Renaissance Technologies.<\/p>\n

The 82-year-old Simons \u2014 a former math professor who became one of the most successful investors in history by pioneering computer-based stock trading \u2014 notified investors in December that he would be passing the torch to RenTech\u2019s chief executive Peter Brown on Jan. 1.<\/p>\n

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.\u00a0<\/p>\n

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.<\/p>\n

Forbes estimates Simons\u2019 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, the Medallion fund was converted into a private investment vehicle for employees that has returned 40 percent a year on average since its inception in 1988.<\/p>\n

In 2018, The Post reported that Simons\u2019 annual compensation worked out to a tidy $194,000 per hour. That number might have been impacted a bit a year later, when the feds went after RenTech for failing to pay $6.8 billion in taxes out of the Medallion fund over a 15-year period.<\/p>\n

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.<\/p>\n

While notoriously press-shy, Simons as dropped the veil a few times over the years. In 2017, he told a business breakfast that he was no fan of President Donald Trump.<\/p>\n

\u201cI think it\u2019s basically terrible that we have a president remotely like our current president,\u201d Simons said. \u201cWe\u2019ve had some doozies but never of that caliber.\u201d<\/p>\n

That take on Trump put him at odds with his mentee and former RenTech co-CEO Robert Mercer. Mercer was revealed as Trump\u2019s biggest financial backer in the 2016 campaign and played a key role putting Steve Bannon into Trump\u2019s orbit.<\/p>\n

Mercer resigned as co-CEO of RenTech just weeks after Simons\u2019 2017 salvo against Trump.\u00a0<\/p>\n

The news<\/a> of Simons\u2019 decision was first reported by the Wall Street Journal (paywall)<\/a>.\n <\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#James Simons steps down as chairman of Renaissance Technologies” Legendary investor James Simons has stepped down as chairman at his secretive hedge fund Renaissance Technologies. The 82-year-old Simons \u2014 a former math professor who became one of the most successful investors in history by pioneering computer-based stock trading \u2014 notified investors in December that he…<\/p>\n","protected":false},"author":1,"featured_media":155262,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2020\/03\/jim-simons.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[89450,70971,70610,71070,70360],"class_list":["post-155261","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-1-14-21","tag-billionaires","tag-finance","tag-hedge-funds","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/155261","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=155261"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/155261\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/155262"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=155261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=155261"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=155261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}