James Simons, founder of Renaissance Technologies, has announced his retirement from the firm. Though he will remain involved at a high level, responsibility for managing the firm has fallen to a core group of less well known executives. Below are Simons' parting words to investors:
October 8, 2009
Dear Renaissance Investor,
As many of you know, for the past several years I have gradually stepped back from day-to-day operations of Renaissance. Six years ago Bob Mercer and Peter Brown became Co-Executive Vice Presidents, with all research and production reporting to them, and two years ago they became Co-Presidents, assuming a broader set of responsibilities. The time has now come for me to take one further step back.
As of January 1, 2010 Bob and Peter will become Co-CEOs of Renaissance, with all areas of the firm reporting to them. I will remain the company’s principal shareholder and Chair of the Board. As such I will regularly attend monthly meetings of the Executive Committee and meetings of the Board whenever scheduled, participating in all major corporate decisions. Consistent with best practices, Paul Broder, our Chief Risk Officer, and Mark Silber, our Chief Financial Officer, will report to the Board on a dotted line basis.
I am confident that this transition is best for the firm. I have led the organization and its predecessor for thirty one years, and it is definitely time to pass the torch. We are very fortunate to have such able people as Bob and Peter to take the reins. Behind them and Paul and Mark is an outstanding cadre of senior management in all areas of the company, and behind them is a wonderful group of knowledgeable and hard working individuals. Renaissance is a marvelous firm, dedicated to its investors and its employees. I have every expectation that under the new leadership this tradition will brilliantly carry on.
Sincerely,
Jim Simons
Selected articles on Simons and Renaissance:
Hedge Fund Hall of Fame: James Simons
Renaissance "$100 billion" fund falls to $5.1 billion
Brother, can you spare a billion?
Renaissance waives fees for futures fund
Renaissance lowers cap on RIEF inflows
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