Legendary investor and mathematician Jim Simmons, known as the founder of Renaissance Technologies, one of the most successful investment firms, has died at the age of 86.
Simmons, who died in New York City, founded Renaissance Technologies in 1978. Unlike traditional Wall Street firms, Mr. Simmons backed a renaissance of scientists and mathematicians who developed predictive models to identify market patterns. Renaissance's flagship Medallion Fund used computer algorithms to generate impressive returns, generating more than $100 billion and an average annual return of 66%, despite paying high fees to investors.
This performance outperformed notable investors such as Warren Buffett, George Soros, and Peter Lynch.
Before starting Renaissance, Simons served as chair of the mathematics department at Stony Brook University, where his contributions were pivotal in areas such as string theory, topology, and condensed matter physics.
Simmons stepped down as CEO of Renaissance in 2010 but continued to oversee the board until 2021, leaving a lasting legacy in both finance and academia.