Simons To Retire From Renaissance

James Simons, the founder and head of pioneering quantitative hedge fund firm Renaissance Technologies, will step down from its helm at the end of the year.

Simons, who founded RenTech 27 years ago after a career as a math professor, broke the news of his retirement to his employees today. Peter Brown and Robert Mercer, currently co-presidents of the East Setauket, N.Y.-based firm, will succeed Simons as co-CEOs on Jan. 1. Simons will remain chairman of the board of directors.