(Forbes)The computer geeks are taking over Wall Street. During a disappointing year that saw the average hedge fund manager lose money, elite quantitative traders stood out in 2018 from the rest of the trading crowd. More than half of the 20 highest-earning hedge fund managers and traders in 2018 were associated with computer-driven algorithmic trading.
Jim Simons, the most famous quantitative trader ever, naturally led the way, earning $1.6 billion. He founded Renaissance Technologies, a hedge fund firm that now manages $60 billion, and still plays an important role there even though he retired from day-to-day operations in 2010. The hedge funds Renaissance manages for outside investors performed well in 2018.