By Nathan Vardi
Both a quantitative trading genius and a trader who recently stopped
managing client money top Forbes’ list of the 25 highest-earning hedge
fund managers and traders of 2016. James Simons and Michael Platt each
personally made an estimated $1.5 billion last year and the way they did
it speaks volumes about where the struggling hedge fund industry is
these days.
Simons is chairman of the hedge fund firm he founded, Renaissance
Technologies, which manages $36 billion. He continues to benefit from
Renaissance’s funds, particularly the secretive Medallion that is not
open to outside clients. Renaissance’s biggest hedge fund, the $15
billion Renaissance Institutional Equities fund, was up 21.5% net of
fees in 2016.
Simons helped usher in the quantitative trading wave that has been
building for decades and is now dominating the hedge fund world, leaving
most of the firms that rely primarily on human decision-making in the
dust. The majority of the 10 top-earning hedge fund managers and traders
of 2016 to a greater or lesser extent use computers and systems-based
approaches to trading financial markets.
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Source: Forbes (via The Empire Report)
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