Investing pioneer James Simons is stepping back from his quant hedge fund, Renaissance Technologies LLC.
Several weeks ago, Mr. Simons—a former math professor and codebreaker who built Renaissance into one of the most successful investment firms in history—told clients he was stepping down as chairman of the firm’s board of directors as of Jan. 1. Mr. Simons, who will turn 83 in April, resigned as Renaissance’s chief executive in 2010, but continued to lead the board.
In a letter to clients, Mr. Simons, who will remain a board member, said, “I believe it is time: this transition has been many years in the making.”
Peter Brown, the firm’s chief executive, has taken over as chairman of the board.
At the age of 40, Mr. Simons quit academia to try his hand at trading. He started Renaissance in a storefront office in a dreary Long Island strip mall in the summer of 1978. For a while, Mr. Simons traded like most everyone else, relying on old-fashioned research. He made more money than he lost but couldn’t handle the ups and downs of that approach.
