Dr. James Simons Selected as the 2006 IAFE/SunGard Financial Engineer of the Year
New York, NY, December 18, 2006 -- SunGard (http://www.sungard.com) and the International Association of Financial Engineers (IAFE) today announced that Dr. James H. Simons, president of Renaissance Technologies Corp, has been named the 2006 IAFE/SunGard Financial Engineer of the Year (FEOY). The award will be presented to Dr. Simons on February 8, 2007, at the United Nations in New York City, during the 2007 IAFE/SunGard FEOY Award Gala Dinner.
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. He 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. As an academic, his career included teaching math at MIT and Harvard University, as well as serving as chairman of the Mathematics Department at State University of New York, Stony Brook.
In response to being awarded the 2006 FEOY, Dr. Simons said, “I 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.”
Richard Lindsey, chairman of the IAFE, said, “Dr. Jim Simons is the ideal financial engineer. He has bridged academic theory and practical application, putting both to the truest test of all – the markets. Under Dr. Simons’ 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.”
David Rowe, executive vice president of Risk Management at SunGard, commented, “SunGard is delighted to continue to sponsor this award and proud to acknowledge this year’s 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.”
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.
Previous Award Recipients
Dr. Simons joins a prestigious list of recipients of the IAFE/SunGard Financial Engineer of the Year Award. They include: Phelim Boyle, Oldrich Alfons Vasicek, Darrell Duffie, Jonathan Ingersoll, Andrew Lo, Emanuel Derman, John Hull, John C. Cox, Robert Merton, Fischer Black, Mark Rubinstein, Stephen Ross, and Robert Jarrow. Myron Scholes received a lifetime achievement award in 2001.
About the International Association of Financial Engineers (IAFE)
The IAFE is the not-for-profit, professional society dedicated to fostering the profession of quantitative finance by providing platforms to discuss cutting-edge and pivotal issues in the field. Founded in 1992, the IAFE is composed of individual academics and practitioners from banks, broker dealers, hedge funds, pension funds, asset managers, technology firms, regulators, accounting, consulting and law firms, and universities across the globe.
Through frank discussions of current policy issues, sponsoring programs to educate the financial community and recognizing the outstanding achievements in the field, the IAFE acts as a beacon for the development of quantitative finance. Throughout its history, the IAFE´s pre-eminent leadership has positioned it to respond with savvy to the evolving needs of the financial engineering community. The IAFE´s programs - from area-specific committees to monthly panel discussions to the Financial Engineer of the Year Award - are designed to provide its members with uniquely valuable activities to enhance their work in the field and opportunities to network and socialize with their colleagues.
With annual revenue of $4 billion, SunGard is a global leader in software and processing solutions for financial services, higher education and the public sector. SunGard also helps information-dependent enterprises of all types to ensure the continuity of their business. SunGard serves more than 25,000 customers in more than 50 countries, including the world’s 50 largest financial services companies. Visit SunGard at www.sungard.com.
# # #
Trademark Information: SunGard and the SunGard logo are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.