NYT – James H. Simons, one of the most respected money managers in the hedge fund industry, told investors Thursday he planned to step down from day-to-day management of Renaissance Technologies, the firm he founded over 30 years ago.

Mr. Simons, 71, plans to become the nonexecutive chairman of Renaissance on Jan. 1 but will remain the firm’s majority shareholder and participate in all major corporate decisions, he said in a letter to investors.

Peter Brown and Robert Mercer, who have been co-presidents of the firm, will be elevated to co-chief executives and have responsibility for the firm’s 300 employees.

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chief-executives, hedge fund, majority shareholder, money-managers