RenTech Founder Gives $60M To Stony Brook U.

Feb 28 2008 | 8:07am ET

Renaissance Technologies founder James Simons is giving $60 million to his former employer.

At a New York news conference, the quantitative hedge fund billionaire announced the gift to Long Island’s Stony Brook University, where he headed the mathematics department more than 30 years ago.

Simon’s donation, which includes a previously-announced $20 million gift, will be used to set up and house the Simons Center for Geometry and Physics, and to endow seven new faculty positions. It will also pay for about 30 visiting scholars every year.

The gift is the largest ever to a public university in New York. Stony Brook is located just down the road from Renaissance’s East Setauket headquarters; the now-$35 billion hedge fund was incubated on the Stony Brook campus five years after Simon left the university.

“It’s because I’m very fond of Stony Brook,” Simons told The New York Times. “It was my first administrative job. I helped build the university in a modest way. I met my wife there.”

Simon joined Stony Brook, at the tender age of 30, after he was fired by the Defense Department for speaking to a reporter about his anti-war views. He headed the university’s math department from 1968 until 1972.


In Depth

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...

 

From the current issue of