Reuters – Renaissance Technologies LLC, the multibillion dollar hedge fund known for delivering top returns by relying on complicated computer models, hired a new president and chief executive officer for its institutional business.

The fund firm, which manages roughly $20 billion, said on Tuesday that it has hired Matthew Scanlan to replace Stephen Robert, who retired from the firm.

Scanlan joins the firm from Barclays Global Investors where he worked for 12 years and was most recently the company’s head of institutional business in the Americas.

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