Renaissance Applied sciences founder Jim Simons has named the hedge fund’s chief government Peter Brown as sole chairman, a place many anticipated to go to his son Nathaniel Simons, who was named a co-chair alongside his father final yr.
Father and son will stand down as co-chairs however stay on the board as administrators, in accordance with filings with regulators. The transfer signifies that the elder Mr Simons is stepping up preparations handy over the $60bn in belongings hedge fund nearly 4 many years after he based the agency.
Mr Simons, 83, named his son as co-chairman in January 2020, in what gave the impression to be a positive signal that the youthful Mr Simons would take over from his father. He had spent 13 years on the agency as a principal earlier than leaving to pursue local weather change-related initiatives.
“I imagine it’s time: this transition has been a few years within the making, and Peter Brown, our incoming chairman, is greater than able to tackle the accountability,” Mr Simons mentioned in an announcement.