Renaissance Technologies founder Jim Simons has named the hedge fund’s chief executive Peter Brown as sole chairman, a position many expected to go to his son Nathaniel Simons, who was named a co-chair alongside his father last year.
Father and son will stand down as co-chairs but remain on the board as directors, according to filings with regulators. The move indicates that the elder Mr Simons is stepping up preparations to hand over the $60bn in assets hedge fund almost four decades after he founded the firm.
Mr Simons, 83, named his son as co-chairman in January 2020, in what appeared to be a sure sign that the younger Mr Simons would take over from his father. He had spent 13 years at the firm as a principal before leaving to pursue climate change-related projects.
“I believe it is time: this transition has been many years in the making, and Peter Brown, our incoming chairman, is more than ready to take on the responsibility,” Mr Simons said in a statement.