Jim Simons, a legendary investor and mathematician known for founding one of the most successful investment firms, Renaissance Technologies, has passed away at the age of 86.

Simons, who died in New York City, founded Renaissance Technologies in 1978. Unlike traditional Wall Street firms, Simons populated Renaissance with scientists and mathematicians who developed predictive models to identify market patterns. Utilizing computer algorithms, Renaissance’s flagship Medallion Fund achieved remarkable gains, surpassing $100 billion and boasting average annual returns of 66%, even after hefty investor fees.

This performance outpaced renowned investors like Warren Buffett, George Soros, and Peter Lynch.

Before launching Renaissance, Simons chaired the mathematics department at Stony Brook University, where his contributions were pivotal in fields such as string theory, topology, and condensed matter physics.

Although Simons stepped down as CEO of Renaissance in 2010, he continued to oversee its board until 2021, leaving behind a lasting legacy in both finance and academia.