Pioneering investor James Simons is moving away from his quantitative hedge fund, Renaissance Technologies LLC. Several weeks ago, Simons, a former math professor and code breaker who made Renaissance one of the most successful investment firms in history, told clients that he would step down as chairman of the firm’s board of directors as of January 1. Simons, who will turn 83 in April, resigned as Renaissance CEO in 2010, but continued to serve on the board.
In a letter to clients, Mr. Simons, who will remain a member of the board, said: “I think the time has come – this transition has taken many years to complete.” Peter Brown, the firm’s chief executive officer, took over as chairman of the board. An expanded version of this article appears on WSJ.com Popular WSJ.com Stories: