Philanthropist and hedge fund manager was 86

Jim Simons, a billionaire philanthropist considered one of the most successful hedge fund managers in U.S. history, has died. He was 86.

According to a statement posted on the Simons Foundation website, Simons died on Friday, May 10, in New York City.

He was “an award-winning mathematician” who many considered “a legend in quantitative investing,” the foundation said.

According to Forbes, his net worth was approximately $34.1 billion at the time of his death.

“Jim was an extraordinary leader who did transformative work in mathematics and built a world-leading investment firm,” David Spergel, president of the Simons Foundation, said in the foundation’s statement.

According to CNBC, Simons was a graduate of the Massachusetts Institute of Technology, where he received a bachelor’s degree in mathematics in 1958. At age 23, he received his doctorate in mathematics from the University of California at Berkeley.

He then headed the mathematics department at Stony Brook University in New York, where his mathematical breakthroughs “are now critically important to areas such as string theory, topology and condensed matter physics,” according to his foundation.

In 1978, Simons founded what would become the hedge fund Renaissance Technologies, which pioneered quantitative trading and eventually became “one of the most profitable investment firms in history.”

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JP Morgan currently estimates that quant funds currently account for more than 20% of all equity investments, CNBC reported.

In 1994, the Simons Foundation was established to support scientists and organizations worldwide to “advance the frontiers of research in mathematics and the fundamental sciences.”

According to the foundation, Simons and his wife Marilyn have “donated billions of dollars to hundreds of charitable causes over the years, particularly those that support mathematical and scientific research and education.”

Those who knew Simons “also fondly remember his genuine curiosity and quick wit,” the foundation said.

His other philanthropic endeavors include Simons Foundation International, Math for America and more.

“Jim was active in the work of the Simons Foundation until the end of his life,” the foundation said, “and his curiosity and lifelong passion for mathematics and basic science were an inspiration to those around him.”

Jim is survived by his wife, three children, five grandchildren, one great-grandchild and many colleagues, friends and family, the foundation’s statement said.