Setauket hedge fund founder makes $1.1B in 2013
James Simons, founder of East Setauket's Renaissance Technologies, pulled down $1.1 billion in 2013, making him the sixth-highest-earning U.S. hedge fund manager and trader, according to a ranking released Wednesday by Forbes.
Although Simons, 75, retired from the $25 billion hedge fund firm in 2010, he still has a hand in the firm, Forbes said.
The former chair of the mathematics department at Stony Brook University, Simons helped pioneer a quantitative strategy that uses computers to rapidly trade stocks based on momentary inefficiencies in the market.
Topping the Forbes list was hedge fund veteran George Soros, who earned $4 billion.