Jim Simons, the highly accomplished math professor turned hedge fund manager, has sadly passed away at the age of 86, according to an announcement from the Simons Foundation. Known for his mathematical expertise and pioneering algorithms, Simons guided Renaissance Technologies, a Long Island-based hedge fund, to generate billions of dollars in returns.

Simons' revolutionary investment strategy involved utilizing advanced mathematical models to determine the probabilities of stock performances and diligently balancing portfolios accordingly. Under his leadership, Renaissance Technologies established the Medallion Fund in 1988, which is widely regarded as one of the most successful funds ever created, boasting an impressive annualized average return of 66%. Between 1988 and 2000, Renaissance Technologies accumulated profits exceeding $100 billion.

Aside from his remarkable achievements in finance, Simons was a philanthropist of great magnitude. His contributions to causes close to his heart, including mathematics, scientific research, and the arts, exceeded $1 billion. Notably, his foundation donated nearly $600 million to Stony Brook University over a decade, with a groundbreaking unrestricted endowment gift of $500 million announced in June of last year. This endowment gift constitutes the largest ever given to a US institute of higher education.

The philanthropic endeavors of Jim and Marilyn Simons, who possess an estimated net worth of $30.7 billion, were deeply tied to Stony Brook University. Jim Simons served as the chairman of the mathematics department from 1968 to 1978 and Marilyn Simons earned both her bachelor's degree in 1974 and her Ph.D. in economics in 1984 from the university.

Reflecting on his time at Stony Brook, Jim Simons expressed his deep satisfaction, stating, "It has been deeply rewarding to watch the university grow and flourish even more." To further support research in mathematics and the basic sciences, Jim and Marilyn Simons founded the Simons Foundation in 1994, leaving an enduring legacy.

Jim Simons is survived by his wife, three children, five grandchildren, and a great-grandchild. His extraordinary contributions to both the financial world and charitable causes will continue to inspire and shape future generations.