James Simons, mathematician, philanthropist and hedge fund founder, has died

James “Jim” Simons, a renowned mathematician and pioneering investor who built a fortune on Wall Street and then became one of the nation’s biggest philanthropists, has died at age 86.

The charitable foundation that Simons co-founded with his wife, Marilyn, announced that Simons died Friday in New York. No cause of death was given.

“Jim was an exceptional leader who did transformative work in mathematics and developed a world-leading investment company,” Simons Foundation President David Spergel said in a post on the foundation’s website. “Together with Marilyn Simons, the current Simons Foundation board chair, Jim created an organization that has already had enormous impact in mathematics, basic science and our understanding of autism.”

Simons’ first career was in mathematics, for which he won acclaim. But in 1978, he traded academia for Wall Street. The hedge fund he created, which eventually became known as Renaissance Technologies, pioneered the use of mathematical modeling — also known as quantitative trading — to pick stocks and other investments. The approach was wildly successful, helping Simons and his wife build over the years an estimated net worth of more than $30 billion.

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