Dr. Simons is President of Renaissance Technologies Corp., an investment firm dedicated to the use of mathematical methods whose Medallion Fund has, for many years, been one of the most successful large hedge funds. Dr. Simons is well known for his discovery and application of the Chern-Simons theory. Dr. Simons received his bachelor's degree in mathematics from the Massachusetts Institute of Technology (MIT) and his PhD, also in mathematics, from the University of California, Berkeley. His academic career included teaching math at MIT and Harvard University, and serving as chairman of the Mathematics Department at State University of New York, Stony Brook,
Commenting on his receipt of the 2006 FEOY award, Dr. Simons said, âI am surprised and delighted to be named Financial Engineer of the Year. The profession has continued to grow in size and importance and awards like this serve to emphasize the increasing significance of quantitative methods within the world of finance.â
Richard Lindsey, chairman of the IAFE, said, âDr. Jim Simons is the ideal financial engineer. He has bridged academic theory and practical application, putting both to the truest test of all â the markets. Under Dr. Simonsâ vision and guidance, Renaissance has demonstrated the power of mathematics and science when applied to the practice of investments. It is fitting that the IAFE and SunGard recognize his contributions and his insight to our field by naming him the 2006 Financial Engineer of the Year.ââ
David Rowe, executive vice president, risk management at SunGard, said, âSunGard is delighted to continue to sponsor this award and proud to acknowledge this yearâs winner. Jim Simons occupies an exalted position in both the academic and trading world. A renowned mathematician who contributed to the settlement of two classical questions in geometry, he also has the distinction of having his name attached to a well-known mathematical construction, the Chern-Simons Invariants. Perhaps greater recognition, despite a studied effort to maintain a low profile, comes from founding and running what is widely regarded as the most successful quantitative investment fund in the past twenty years. The Financial Engineer of the Year Award is given for either the development or the creative application of financial technology to solve financial problems. Jim Simons is one of the few individuals who genuinely qualifies on both counts. We congratulate him on this well deserved recognition of his varied achievements.â
The annual IAFE/SunGard FEOY Award, established in 1993, recognizes individual contributions to the advancement of financial engineering technology. Nominations are submitted by a nominating committee of approximately 100 people, consisting of all the IAFE governing boards. They are then reviewed in a two step process by a selection committee of 25 members, including the IAFE board of directors and senior fellows. This year's selection committee was chaired by Dr. Oldrich Vasicek, an IAFE senior fellow and 2004 FEOY award recipient.