Quant investing pioneer Jim Simons dies at 86

Billionaire investor James Simons, the mathematician and Cold War code-breaker who founded one of the world’s most prominent and profitable hedge funds, Renaissance Technologies, has died, his foundation said on Friday.

“We hire physicists, mathematicians, astronomers and computer scientists and they typically know nothing about finance,” Simons, who previously taught math at Massachusetts Institute of Technology and Harvard, told a 2007 New York conference.Based in New York, Renaissance employs mathematical and statistical methods in the design and execution of its investment programs, the firm says on its website.

Simons, who preferred to be called Jim, was secretive about how his firm made money. Renaissance focused on liquid financial instruments and avoided credit default swaps and collateralized debt instruments. Zuckerman highlighted Simons’ Medallion trading system worked by designing a multitude of trades that work in concert to generate high returns at low risk across asset classes, in such a way that patterns normally remain hidden to other traders.

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