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Renaissance Technologies

James Simons, SBU benefactor and mathematician, dies at 86

by Daniel Dunaief - May 17, 2024

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JimSimonsObit — Marilyn Simons, left, and Jim Simons, third from left, toast the announcement of a $500 million contribution to Stony Brook University’s endowment with SBU President Maurie McInnis and Simons Foundation President David Spergel. File photo from John Griffin/ Stony Brook University

By Daniel Dunaief

James “Jim” Harris Simons, the founder of Renaissance Technologies and former Mathematics chair at Stony Brook University whose foundation donated over $6 billion to scientific and other causes, died on May 10 at the age of 86.

Simons, who was born in Brookline, Massachusetts, to Marcia and Matthew Simons, touched the lives of many across Long Island and the world. He shared a dry sense of humor with those fortunate enough to interact with him, compassion with those who, like him, had suffered painful losses and a readiness to contribute personally and financially in a host of settings, including creating the beloved Avalon Preserve in Stony Brook.

Simons developed an early proficiency in mathematics that helped him earn prestigious distinctions and awards and after he left academia, helped him develop an investment approach that enabled him to amass personal wealth estimated at over $31 billion. Simons, whose cause of death wasn’t released, was the 55th richest person in the world, according to Forbes.

In 1994, Simons co-founded the Simons Foundation with his wife Marilyn. He provided much more than financial support to numerous efforts around the world, including to local institutions such as Stony Brook University, Cold Spring Harbor Laboratory and Brookhaven National Laboratory.

Indeed, last year, the Simons Foundation gave a $500 million unrestricted gift to Stony Brook University, which is the largest-ever unrestricted gift to a public institution and over the course of seven years, will more than double the endowment for the school.

“Our university is infinitely better because of [Simons], and his passing leaves an enormous hole in the hearts of all who were fortunate to know him,” Maurie McInnis, president of Stony Brook University wrote in a letter to the campus community.

Simons served on the boards of institutions like BNL and SBU, offering well-received advice to leaders of these institutions and to the scientists conducting the kind of work that could one day help combat diseases and improve the quality of quantity of life for future generations.

“He really applied his talents toward trying to better [Cold Spring Harbor Laboratory] and to other area institutions,” said David Tuveson, director of the Cold Spring Harbor Laboratory Cancer Center.

In addition to funding a range of scientific research, the Simons Foundation also supported research into autism. The Simons’ daughter Audrey was diagnosed with autism when she was 6 years old.

The Simons Foundation committed over $725 million to support autism research for more than 700 investigators in the United States and around the world, according to the Simons Foundation.

Simons was “the largest private funder of autism research in the world,” Matthew Lerner, formerly an SBU research associate professor and now an associate professor and life course outcomes program leader at A.J. Drexel Autism Institute, explained in an email. Lerner added that the “impact of his loss will be enormous.”

‘Smartest and richest guy in the room’

When Simons was part of the board at Brookhaven National Laboratory, he offered insights that benefited the institution and the talented researchers who came from all over the world to contribute.

“He always had hard questions,” said Sam Aronson, the lab director of BNL from 2006 to 2012. “That was really stimulating and scary at the same time, talking to the smartest and richest guy in the room.”

Aronson recalled that Simons never needed a cheat sheet from the staff to know what to ask people giving reports when Brookhaven Science Associates, which is a combination of members from Stony Brook University and Battelle and oversees BNL, met to discuss strategy and science.

During fiscal year 2006, a reduction in funding for the nuclear physics program meant that BNL would likely have to cut staff. Simons stepped in to contribute and help raise $13 million to ensure the continued operation of the Relativistic Heavy Ion Collider, or RHIC.

“That was showing evidence that the board who knew what we were doing scientifically really cared about us getting it done and were not looking for someone to fire,” said Aronson, who became director at BNL just after Simons helped spearhead the financial support.

In addition, Simons, who was committed to educating students in the fields of science, technology, engineering and math, took time to speak with students about his life experience and these fields.

Doon Gibbs, who retired as lab director at BNL last year, recalled coming to the facility early on a Saturday morning with one of his sons.

Simons was at the lab early on a Saturday morning, telling these students to follow their interests and to rely on their own judgment and decision-making and interests, rather than what other people advised or told them to do.

“That demonstrates the commitment he had personally” to education and to inspiring students, Gibbs said.

Simons inspired leaders at the top of their fields, offering inspiration and encouragement.

Stony Brook “went from the concept of being a great math and physics center to being a great university and [Simons] was all on board for that,” said Shirley Kenny, who was SBU president from 1994 to 2009. “There’s no question that I could dream bigger for Stony Brook because of [Simons].”

The geometric path

A gifted math student who first attended Brookline High School in Massachusetts and then moved to Newton High School, Simons earned his bachelor’s degree in three years from the Massachusetts Institute of Technology in 1958.

After he graduated, Simons and friends from Colombia decided to ride motor scooters from Boston to Buenos Aires. At the time, he didn’t own a motor scooter and had never ridden one.

After seven weeks, he and his friends got as far as Bogotá, the capital of Colombia. Recalling the harrowing trip, Simons had said he came perilously close to death and was sure his mother wouldn’t have allowed him to take such a trip had she known of the risks.

After his motor scooter adventure, Simons chose to attend the University of California at Berkeley because he wanted to work with Shiing-Shen Chern. When he arrived at Berkeley, Simons, who hadn’t met Chern at that point, was disappointed to learn that the Berkeley professor was on sabbatical for the year.

While Chern didn’t serve as thesis adviser for Simons, the two mathematicians did work together, producing the Chern-Simons theory, which has applications in math and physics.

After earning his doctorate, Simons, who regularly smoked cigarettes and preferred to wear loafers without socks, split his time between lecturing at MIT and Harvard and working at the Institute for Defense Analysis in Princeton, where he served as a code breaker for the National Security Agency.

Publicly expressing opposition to the war in Vietnam cost him his job at the IDA.

In 1968, Simons, who was married to Barbara Bluestein, made the fateful decision to join the then 11-year-old Stony Brook University, enticed by President John Toll to become the chairman of the Math Department.

Irwin Kra, who joined the Math Department at Stony Brook the same year as Simons, suggested the two mathematicians became “good friends immediately.”

Building on a passion that Simons would share with friends and colleagues throughout his life, Simons and Kra shared time on a small boat that Kra described as a “putt-putt.” The motor on the boat regularly broke and Kra’s job was to hand Simons tools while he went under the engine trying to repair it, which he successfully did many times.

Kra and Simons, who are both Jewish, got into trouble with Irwin Kra’s wife Eleanor when they brought lobsters to a lake the night before Yom Kippur, which is the holiest day of the year in the Jewish religion and does not typically involve consuming shellfish prior to the Day of Atonement.

As a mathematician, Simons won the American Mathematical Society Veblen Prize in Geometry in 1976, which Kra described as a “very distinguished award in differential geometry — he attacked extremely difficult problems.”

In 1974, Simons and his wife Barbara, who had three children, Elizabeth “Liz,” Nathaniel and Paul, divorced.

Simons married Marilyn Hawrys in 1977. Jim and Marilyn Simons had two children, Nicholas and Audrey.

Birth of Renaissance

In 1978, Simons left the Math Department at Stony Brook to start a company that would later become Renaissance Technologies.

Recruiting mathematicians rather than typical stock pickers or money managers, Simons, who was well ahead of his time in his approach to the market, wanted to develop computer programs that would analyze the markets, deciding when to buy and sell commodities, at first, and then stocks.

The so-called quant funds used the early equivalent of artificial intelligence to find trends in the way the investments they bought and sold — sometimes within a single day — moved, profiting from gains that didn’t rely on typical fundamental Wall Street research.

Over time, Renaissance Technologies’ Medallion Fund established a spectacular track record, with annualized returns of 66% before fees and 39% afterward from 1988 to 2018, according to Gregory Zuckerman, author of “The Man Who Solved the Market,” a biography of Simons.

Simons retired from Renaissance in late 2009, with an estimated net worth of over $11 billion.

Empathetic friend

Simons, who lost his son Paul at the age of 34 from a bike accident in 1996 and his son Nicholas in 2003 when he drowned off Indonesia, gave from his wallet, his intellect and his heart.

In the late 1990s, when Shirley and Robert Kenny were managing through the difficulties of leukemia treatments for their son Joel, Simon sent them on a trip to the Caribbean aboard his yacht.

The boat took them to St. John’s, St. Croix and other islands, providing them with a “wonderful vacation,” Shirley Kenny said. “It was just heavenly. It was a very, very happy memory. We had this joyous time before we had this terrible time and that’s thanks to [Simons.]”

Simons was also known to connect with the families of friends who were experiencing medical challenges or coping with grief.

After his son Paul died, Simons was searching for a way to memorialize him. He reached out to The Ward Melville Heritage Organization to purchase land in Stony Brook. Gloria Rocchio, president of the WMHO, took Simons on a tour of the property that would become the first parcel of land for Avalon Preserve. Simon stood on top of the hill and said, “This is it,” Rocchio recalled, leading to the first land purchase of the Avalon Preserve.

Since then, Simons has added to the preserve, which now includes about 216 acres of property.

Up until this year, Simons remained involved in the preserve, as he wanted to build a tunnel so people wouldn’t have to walk on the road to go from one piece of property to another.

That tunnel, which took years of planning, will be completed in August.

In describing the growth of the preserve, Rocchio recalled how Avalon had added 15 acres, which included a run-down house the donor stipulated couldn’t change.

One day, the trustees arrived and walked through a plastic curtain in the house and discovered the rest of the house was missing.

Simons explained that there were too many termites and the house had to come down.

“That was [Simons],” Rocchio said. “He found out the house was structurally not able to be saved.”

Suffolk County Legislator Steve Englebright (D-Setauket) recalled how important it was to protect that land.

“I have seen most of the nature preserves around the state,” Englebright said. Avalon is not only the “finest in the entire state” but one of the “best I have ever seen anywhere.”

While Avalon is a memorial to Simons’ son Paul, it’s also “a memorial” to Simons, Englebright added.By remaining undeveloped and continuing to protect the old growth forest, the Avalon Preserve prevents the water of Stony Brook Harbor from the kind of pollution that runoff from developed property might otherwise carry.

Simons “turned a terrible tragedy into a living legacy,” Englebright said.

Simons also honored his son Nicholas, creating the Nick Simons Institute in 2006. The institute provides training, support to district hospitals and advocacy for rural health workers in Nepal.

Jim and Marilyn Simons visited Nepal regularly, traveling to remote parts of the country and visiting eight hospitals that would become a part of the Nick Simons Institute.

A humble legacy

Despite the many ways Jim and Marilyn Simons, who earned her bachelor’s degree and her doctorate in economics at Stony Brook University, contributed to science and to the area, they remained humble and accessible.

Aronson suggested to Simons that he wanted to honor him personally for his timely and important contributions to the RHIC at BNL.

When Simons declined, Aronson asked if he could name one of the roads on-site after Renaissance, which Simons approved.

On one of the Stony Brook buildings that bears their name, the Simons Center for Geometry and Physics, Simons focused on the student and faculty experience. He wanted to make sure people in the building had a place to eat and didn’t have to trek to the dining hall.

“He wanted a good restaurant there,” recalled Kenny.

Apart from ensuring the building served food, Simons found a problem he wanted to fix. At the opening of the center, he noticed that the elevators were too slow, so he hired the person who built the center to create a separate, faster elevator which was attached to the building after it was completed.

Still contributing

Despite stepping away from the world of academia to become one of the most successful fund managers in history, exceeding the returns of titans like Warren Buffett, Simons still found time to contribute to the world of math.

Bruce Stillman, CEO of Cold Spring Harbor Laboratory, visited Simons’ office about six years ago. Stillman noticed a copy of a geometry journal on the coffee table and expressed his surprise that Simons was still reading math literature.

“What do you mean reading?” Simons replied, according to Stillman. He told the CSHL leader to open to a particular page, where he had co-authored an article.

“He was still publishing mathematics after being an extremely successful hedge fund manager,” said Stillman, who added that Simons was the largest contributor to CSHL. “He kept a lot of balls juggling in the air.”

Several people shared their appreciation for the opportunity to share relaxing and meaningful time aboard the various boats Simons owned over the years, including the 222-foot yacht called Archimedes.

Aronson took a trip around the harbor aboard the Archimedes soon after Simons had purchased it, describing the ride as akin to a “floating cocktail party.”

While on board, Aronson met famed Kenyan anthropologist and conservationist Richard Leakey. Aronson wound up going on a number of trips to Kenya to work on ways to apply green energy.

As for Kra, he recalled a time when he was supposed to take a trip aboard Simons’ boat. One of the engines broke and Kra suggested he postpone the journey.

Simons refused to cancel and suggested the boat would come in slowly to Miami and would travel slowly to the Caribbean, navigating in calmer, shallower waters, which it did.

Numerous people shared their admiration for a man who contributed and continues to contribute to the lives of educators and students.

Famed actor Alan Alda benefited from his interactions with Simons. He was “a huge force in so many people’s lives, including mine,” Alda wrote in an email. He was “as generous as he was smart. And he was scarily smart.”

With the help of the Simons, Alda helped found the eponymous journalism school at Stony Brook.

“I’ll always be grateful for his and his wife Marilyn’s contributions to the Alda Center for Communicating Science at Stony Brook,” and of course, he will have touched countless lives through his landmark gifts to Stony Brook University, Alda added. “He certainly put his love of knowledge to good use.”

Simons is survived by his wife, three children, five grandchildren, and a great grandchild.

Stony Brook University plans to celebrate Simons’s impact in the coming months.

Between You and Me: Jim Simons, witty and charming, was a homegrown hero who changed our hometown

by Leah Dunaief - May 15, 2024

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SBSimonsdonation1-scaled — Pictured above, from left to right: Simons Foundation President David Spergel, Jim and Marilyn Simon, Stony Brook University President Maurie McInnis and Governor Kathy Hochul. Photo by John Griffin/Stony Brook University

By Leah S. Dunaief

“What can I do? I’m only one person.”

How many times have we heard that lament? People excuse themselves from doing what they could, since everyone has some skills, to rectify a situation or help a cause by falling back on that one-liner. Elsewhere in these papers, we tell you about one man (and woman) who made an enormous difference in the world. Of course, it helps if you are a genius.

Jim Simons was a genius. I knew him a little. He lived in Old Field and was a self-deprecating genius, except for the time he referred to himself during a talk he was giving to a small group as “Midas.” And he was right; he turned his understanding of mathematics into investments that made unprecedented amounts of money in much the same way King Midas, in Greek mythology, turned everything he touched into pure gold.

I remember, years ago, when I was traveling in Australia and I walked by a newsstand. Some magazines were propped up with their front pages displayed. I had to stop and stare for a moment because there was Jim’s face above the headline, “Highest income earner in the world” that year. It seems he had grossed four billion dollars, if I recall correctly. That was after he founded Renaissance Technologies in, of all places, beautiful downtown East Setauket.

If you want to make the world a better place, it helps to be a genius and to have fabulous sums of money. But that’s just the beginning of the story.

As Jim once said, “It’s really hard giving away money…well.” He spent the last third of his adult life figuring out how and to whom he and his wife, Marilyn, should be donating funds.

The philanthropy I am most familiar with is Math for America. Being a mathematician, it’s not a surprise Jim was most concerned early on about how math was taught in the schools. Data revealed that the answer was “not very well,” or at least, not as well as it could be taught.

How to proceed?

Jim got his arms around the problem by starting with math teachers. He founded a nonprofit organization to support NYC public school teachers that eventually turned into a four-year fellowship program to increase math and science teachers’ skills.

“MfA’s role is valuing excellence in teaching and doing everything we can to keep great teachers in the classroom,” Jim explained. Part of the problem was the low pay. Math teachers often got hired away by business and industry, leaving a void in the classrooms.

He outlined the five core beliefs of his organization.

First was that teaching is a true profession, giving teachers enormous respect and financing.

Second was that great teachers are always learning. They strive to improve their depth of content knowledge, their expertise in teaching, and their ability to teach to the strengths of every student in their classroom.

Third is the necessity for deep collaboration within a community of fellow experts to achieve ongoing growth.

Fourth is that regular evaluation of teachers is required to advance the profession.

And finally, fifth is by honoring greatness in the profession. That is achieved by celebrating, promoting and advocating for the best teachers, which raises prestige and attracts the best possible candidates to a career in the classroom.

Here are some impressive numbers that have resulted from that single organization, Math for America, founded 2004.

There are 1078 total teachers that have participated across NYC. Some 125 professional development courses have been offered by MfA in 2022-2023 that are focused on topics of equity and inclusion in the classrooms.

82 percent of MfA teachers have led professional development for their school colleagues.

400+ high quality STEM-focused courses have resulted each semester of which 75 percent have been led by MfA teachers.

60 percent of MfA teachers in NYC said they might have left teaching during 2022-2023 if not for their fellowships.

MfA has been recognized by the legislature of NYS and the U.S.Congress.

Thank you, Jim Simons.

Local hedge fund executives reportedly agree to massive tax settlement

Business

by Rita J. Egan - September 7, 2021

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Executives of the East Setauket-based hedge fund, Renaissance Technologies, have agreed to settle up to $7 billion in a tax dispute with the Internal Revenue Service, according to reports from The Wall Street Journal and The New York Times.

The long-running dispute reportedly arose following a Senate investigation indicating the firm used complex financial instruments as tax avoidance measures between 2005 and 2015. The agreement may be one of the largest in U.S. history.

Included in the settlement are founder and philanthropist James Simons, of East Setauket, and former co-managing director Robert Mercer, of Head of the Harbor. Both men have been political donors.

According to the Times, Simons will make a payment of $670 million in addition to his obligation to pay further sums along with Mercer and others.

Simons founded the hedge fund in 1982. He was a codebreaker in the 1960s and is a former chairman of Stony Brook University’s Department of Mathematics.

Simons stepped down from active involvement in Renaissance in 2010, while Mercer resigned as co-CEO at the end
of 2017.

TBR News Media was unable to obtain comment from Renaissance Technologies by press time.

Eye on Medicine: SBU’s School of Medicine renamed

by TBR Staff - December 18, 2018

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New name honors long-standing support from Renaissance Technologies families

By Kenneth Kaushansky, M.D.

There’s an old adage that things get better with age: The relationship between Stony Brook University and the families of Renaissance Technologies is certainly proof of that, having maintained a close connection for more than 35 years.

Throughout the years, 111 families at Renaissance Technologies have donated more than $500 million to the university. Now in recognition of their contributions and generosity, Dr. Samuel L. Stanley Jr., Stony Brook University president, recently announced that Stony Brook University School of Medicine will now be known as the Renaissance School of Medicine at Stony Brook University. This new name was recently voted on and approved by the board of trustees of the State University of New York.

The relationship began in 1982 when Jim Simons, the former chair of the Department of Mathematics at Stony Brook University, made a $750 unrestricted gift to the university’s annual fund, becoming the first at Renaissance Technologies to contribute to the Long Island institution.

Since that time, current and former employees of Renaissance Technologies and their families have donated more than $500 million to date in support of Stony Brook’s students, faculty and primarily research in life sciences and medicine. This significant investment has improved the quality of medical education at Stony Brook, creating 34 endowed faculty chairs and professorships, nine innovative academic and research centers and $35 million for student scholarships and fellowships.

Gifts have supported areas where the personal interests of the Renaissance families intersect with the strategic investment needs of the university, such as Stony Brook Children’s Hospital, basic science research, imaging, health care for those who are underserved, cancer research, medicine and the Staller Center for the Arts.

This incredible engagement by Renaissance employees and their 111 donor families — very few of whom attended our university — has created a true “renaissance” at Stony Brook.

As dean of the School of Medicine, I’m so proud that our school will carry their name in recognition of the excellence they’ve helped create at Stony Brook. During the Campaign for Stony Brook alone, more than 72 Renaissance Technologies employees and their families donated $166.5 million that directly benefited Stony Brook Medicine and the School of Medicine and a total of over $400 million to the university as a whole.

The Renaissance School of Medicine is the top-ranked public medical school in New York State and ranks 57th in the nation, according to U.S. News and World Report.

A member of the Association of American Medical Colleges (AAMC) and a Liaison Committee on Medical Education (LCME)-accredited medical school, the Renaissance School of Medicine was established in 1971. With 25 academic departments, it trains over 500 medical students and more than 750 medical residents and fellows annually.

The investments in medicine and throughout Stony Brook by Renaissance families have transformed the university and the communities it serves by deploying the most inventive new solutions to the most important issues of our time.

And as the years go on, things will only get better as their contributions ensure continued access to groundbreaking medical treatments and leading-edge, innovative medical care for the residents of Suffolk County and beyond.

Kenneth Kaushansky, M.D., is the senior vice president of Health Sciences and dean of Renaissance School of Medicine at Stony Brook University.

SBU program renamed to honor Renaissance employees

by Rita J. Egan - November 28, 2018

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SBU-studentsw — Students will now be enrolled in the Renaissance School of Medicine at Stony Brook University. Photo from Stony Brook University

The day before Thanksgiving, Stony Brook University showed its gratefulness for the employees of an East Setauket hedge fund firm.

On Nov. 21, Dr. Samuel L. Stanley Jr., SBU’s president, announced that Stony Brook University School of Medicine has been renamed the Renaissance School of Medicine at Stony Brook University. The programmatic name change honors employees of East Setauket-based hedge fund Renaissance Technologies who have donated to SBU through the decades, according to the university. Jim Simons, former SBU math department chair and co-founder of Renaissance Technologies, and his wife, Marilyn, kicked off the donations more than 35 years ago. Since then, more than $500 million has been donated by 111 Renaissance families, according to a press release from SBU.

“By sharing their talents, their time and their philanthropic giving over the years, 111 current and former employees of Renaissance, almost all of whom did not graduate from Stony Brook University, have committed to Stony Brook’s success and have given generously of their time and treasure to advance the mission of New York’s premier public institution of higher education,” Stanley said in a statement. “It is fitting that we name the academic program that has a tremendous impact on so many in recognition of this generosity and vision as the Renaissance School of Medicine.”

Marilyn Simons commended the Renaissance employees for their generosity in a statement.

“Stony Brook University is an important institution in the Long Island community and it’s certainly had a significant impact on Jim’s and my life,” she said. “Support from Renaissance, particularly for the university’s work in the sciences, medical research and the delivery of health care services, has enhanced the university’s medical services to the Long Island community.”

The name change has faced some opposition in the past few months from residents of the surrounding communities, including members of the North Country Peace Group, a local activist group. Members Myrna Gordon and Bill McNulty attended a Stony Brook Council meeting in December 2017. The council, which serves as an advisory board to the campus and SBU’s president and senior officers, gave Gordon, McNulty and another community member the opportunity to discuss their reasons for opposing the name change, according to Gordon. She said eight months ago, the activist group also submitted a petition with 800 signatures protesting the name change to SUNY trustees and Carl McCall, chairman of the board of trustees.

Gordon said in a phone interview the protesters object to some of the ways Renaissance makes its money, including investing in private prison systems. They also took exception to the financial contributions to the campaign of President Donald Trump (R) and alt-right groups by former co-CEO Robert Mercer, who has since stepped down.

Despite the opposition to the new program name, Gordon said she and other NCPG members are proponents of the university and many of them attend educational, cultural and sporting events at the campus on a regular basis.

Robert Mercer stepping down doesn’t appease Setauket activists

by Rita J. Egan - November 9, 2017

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Peace group now focuses attention on proposed renaming of school of medicine to include Renaissance

Mercer-Rally-Aug-23_regan5w — Members of the North Country Peace Group plan to continue organizing demonstrations at Renaissance Technologies in E. Setauket despite the announcement that co-CEO Robert Mercer is stepping down. File photo by Rita J. Egan

The end of a co-CEO’s reign won’t stop an activist group from demonstrating outside of his hedge fund’s East Setauket office, especially after members heard a local university school of medicine may be renamed to include the company name.

Robert Mercer, of Renaissance Technologies, announced in a Nov. 2 letter to investors that he will be stepping down as co-CEO and resigning from the firm’s board of directors as of Jan. 1. In the letter, he stated he would remain a member of the technical staff and be involved in research work.

For nearly two years, the North Country Peace Group, a local peace and social justice organization, has often held demonstrations in front of the entrance of Renaissance Technologies. Most recently, the group held an August rally protesting the alleged contributions of millions of dollars to alt-right causes by Mercer and his daughter Rebekah, and the pair’s alignment with the ultraconservative online media company Breitbart News.

“We were shocked [when we heard the news], because we immediately thought look what we’ve accomplished,” said Bill McNulty, a member of the North County Peace Group.

An activist at an Aug. 23 rally in E. Setauket. File photo by Rita J. Egan

He said the sense of accomplishment was short-lived after news reports of companies pulling their investments from the hedge fund, and he said he believes this was the determining factor for Mercer stepping down and not the group’s demonstrations.

“I don’t feel he’s really stepping down,” said Myrna Gordon, a member of the activist group. “In his statement, he said he was still going to be involved with Renaissance, that he would still be doing work there. The only thing that was changed was the word co-CEO. He’s still there. So, we feel that he’s still entrenched in the company.”

Members of North Country Peace Group were alerted to an Oct. 2 Stony Brook Council meeting where it was proposed to rename the Stony Brook School of Medicine to the Renaissance School of Medicine. The council serves as an advisory body to the campus and Stony Brook University’s president and senior officers. In the webcast of the meeting available on SBU’s website, council chairman Kevin Law said a resolution regarding the renaming was approved electronically a few weeks prior and needed to be ratified by the council members at the Oct. 2 meeting.

Dexter Bailey, senior vice president for advancement and executive director of the Stony Brook Foundation, said during a presentation Oct. 2 the reason for the renaming was due to the generosity of 111 of the 300 Renaissance employees over the last few decades. The university received its first donation of $750 from one of the firm’s employees in 1982, and through the years Renaissance employees have donated $508 million to the university. In 2011, Renaissance Technologies founder and former CEO Jim Simons and his wife Marilyn donated a historic $150 million.

“These are individuals who have graduated from the top schools around the world — a lot of Ivy League grads — and to be able to have them adopt Stony Brook as one of their philanthropic priorities has really been a pleasure,” Bailey said.

He said many of the donors like to keep their contributions private, and the university looked for something that the employees could reflect on and take pride in.

Members of the North Country Peace Group will now keep an eye on developments for renaming the Stony Brook School of Medicine to Renaissance School of Medicine. File photo by Rita J. Egan

“We feel that naming the school of medicine will not only recognize the 35 years of history, but it actually sets the stage for future giving.” Bailey said.

During voting for the resolution, only one council member, Karen Wishnia, who represents the graduate student body, opposed the proposal. Wishnia said in a phone interview after the meeting, that even though she recognizes the generosity of the Renaissance employees and Simons, she “couldn’t in good conscience vote yes for this” largely because of the association with Mercer.

The next step for the resolution is for the university to obtain approval from the State University of New York chancellor and board of trustees.

McNulty and Gordon said members of the North County Peace Group strongly believe a state school of medicine doesn’t need to be renamed after a company, even if its employees are generous. They said the group has struggled in the past with how to separate the employees of Renaissance from the CEO.

“It puts the employees in a strange spot,” McNulty said, adding it’s understandable how those making good salaries with the company may be reluctant to admit Renaissance may be involved in negative activities. “We have had people come out of the company’s office who have been supportive of the information that we’ve imparted, and we’ve had others who have given us the [middle] finger.”

The two said the North Country Peace Group plans to continue demonstrations in front of Renaissance and educate the community about the renaming of the medical school. Gordon said when she watched the video of the Stony Brook Council meeting she was surprised there was no discussion after the vote was taken, and she wonders why the university hasn’t been more transparent about the proposal that involves a state school of medicine paid for by taxpayers.

“I would be pleased and honored to have the Stony Brook School of Medicine right up there in the forefront, and once big money corporations start buying landmarks, arenas, stadiums, you’re dealing with a whole other type of situation,” Gordon said. “We should be proud that it’s the State University of New York at Stony Brook. We should be proud that it’s the Stony Brook medical center.”

A Renaissance representative did not respond to requests for comments by press time.

North Shore peace group makes plea to Robert Mercer

by Rita J. Egan - August 28, 2017

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By Rita J. Egan

A local activist group is asking a Long Island billionaire and his daughter to stop funding the alt-right.

According to a press release from the North Country Peace Group, Robert Mercer, billionaire co-CEO of the Setauket-based hedge fund Renaissance Technologies, and his daughter Rebekah have allegedly contributed millions of dollars to alt-right causes due to his alliance with the online media company Breitbart News.

The group held a rally in front of the company’s entrance on Route 25A Aug. 23 because members feel Breitbart News has provided a forum for white supremacist, sexist and other racist voices.

Approximately two dozen protesters were in attendance with signs in tow. During the rally, Charles Perretti of Setauket grabbed a megaphone and addressed the crowd.

“What does [the Mercer family] want?” he asked. “They want to control the public dialogue. They want to advance their attitudes and values at the expense of true representative government and the spirit of one man and one vote.”

Perretti said Mercer supports the current Republican presidential administration, referring to that of President Donald Trump (R).

“What do we want, the people on the corner?” he said. “We want concern for the common good.”

The statement inspired protesters to respond repeatedly: “Concern for the common good.”

In recent months, the local peace group has organized or participated in several rallies covering various topics including Trump’s proposed transgender military ban, climate change, alleged use of force by police and a sister event to the Women’s March on Washington.

Peace group member Rosemary Maffei, of Setauket, has been in attendance for much of the group’s protests. She said attending political demonstrations is something she feels she needs to do for herself personally and for the country, and she appreciates being around like-minded residents.

“I feel it’s important to let people see that there is resistance to Trump and the Republican Party, especially here on ‘red’ Long Island,” she said. “Sitting home and doing nothing while the country is being torn apart is something I don’t understand.”

Mercer did not respond to a request sent through an executive assistant at his company for comments about the rally.

This post was updated Aug. 30.

Local residents march against Robert Mercer

by TBR Staff - March 27, 2017

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Co-CEO of East Setauket-based investment firm connected to major money behind Trump administration

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A large group of political protesters paraded along busy Route 25A in East Setauket March 24, aiming their outcry not just at the administration in Washington, D.C., but a reclusive hedge fund billionaire by the name of Robert Mercer residing in their own backyard.

Mercer, the co-CEO of an East Setauket-based investment firm and resident of Head of the Harbor, has been under the spotlight for being the money behind President Donald Trump’s (R) administration, maintaining a major influence on the White House’s agenda, including its strict immigration policies.

Mercer, a major backer of the far-right Breitbart News, reportedly contributed nearly $13.5 million to the Trump campaign and, along with his daughter Rebekah, played a part in securing the leadership positions of chief strategist Steve Bannon and campaign manager Kellyanne Conway.

Regarding Mercer as the administration’s puppeteer-in-chief, protesters assembled to bring public attention to the local family’s power in the White House and the influence “dark money” has had in America.

“I think we’ve reached a worrisome point in our history that a single individual can have the kind of influence that Robert Mercer has, simply because he has a huge amount of money,” Setauket resident John Robinson said. “I think he’s an extremely dangerous individual with worrisome views. He just wants government to not be around so people like him and companies like his can plunder to their heart’s content.”

The short march, made up of several protest groups including the North Country Peace Group, began at the CVS shopping center and landed at the bottom of the hill where Mercer’s Renaissance Technologies sits. Leading the march were local residents wearing paper cutout masks of Trump, Bannon and U.S. Rep. Lee Zeldin (R-Shirley), each strung up like puppets and controlled by a resident in a grim reaper outfit, representing Mercer.

Equipped with signs reading “Mercer $ Bought Trump We Pay the Price” and “Resist Mercer,” Long Island residents stood in front of the investment firm’s office and participated in a mock debate with the faux-political figures. The topics ranged from Mercer’s denial of climate change to Zeldin’s stance on the now-pulled American Health Care Act.

Sue McMahon, a member of the grassroots coalition Building Bridges in Brookhaven, had only recently learned about Mercer’s heavy involvement in Trump’s presidency and his close proximity and participated in the march to expose him.

“I’m very concerned we have a person like this among us who holds the power of the Republican Party,” McMahon said.

She said she’s particularly troubled by the administration’s overwhelming ignorance of environmental issues, its emphasis on money and the extreme views of Breitbart News.

“This is not the America I grew up with, this is not what I want,”she said. “I’m not normally a protester, but I believe we all have to stand up now.”

Paul Hart, a Stony Brook resident, said he was there to support democracy.

The American people have lost representative government because campaign contributions are now controlled by the rich, he said, and it’s hard to think about the needs of constituents when they don’t contribute in a way that’s beneficial to a politician’s re-election.

“The average person has absolutely no voice in politics anymore,” Hart said. “Bbefore, we had a little bit, but now, we’re being swept aside.

One protester referred to Mercer as one small part of a larger picture, and expressed concern over a growing alt-right movement throughout the country that prefers an authoritarian government that runs like a business.

“I guess that’s what Trump is all about,” said Port Jefferson resident Jordan Helin. “But we’re seeing what the country looks like when it’s being run like a business, [and it’s scary].”

Myrna Gordon, a Port Jefferson resident and member, said her organization has held previous actions against Renaissance Technologies, and was among the first grassroots groups on Long island to take notice of how entrenched in the White House Mercer and his family are. According to her, Rebekah Mercer is in many ways more powerful than her father.

“We cannot take the focus off [Rebekah Mercer] right now, because she’s become a powerful force in this whole issue of money in politics, buying candidates, everything we see in our government,” she said.

Since Robert Mercer is local and lives in our community, she added, it’s time that we showed our strength and our voice regarding what this money is doing to our country.

Translational research program to help conquer cancer

by Daniel Dunaief - December 2, 2016

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Setauket residents continue a Renaissance Technologies tradition

7bw — Stony Brook Cancer Center. File photo

Generosity, particularly towards Stony Brook University, runs in the family at Renaissance Technologies.

Lalit Bahl, a veteran of the hedge fund, and his wife Kavita, who are Setauket residents, recently agreed to donate $10 million to a new translational research program that will complement Stony Brook’s effort to understand and conquer cancer. The financial gift, which will support a metabolomics and imaging center that will provide individualized cancer care, comes two years after the Bahls donated $3.5 million to a similar effort.

Bahl said he was following a long-established tradition.

“Many of my colleagues at Renaissance have donated significant amounts to Stony Brook and in particular the medical side over the years,” Bahl said. “I’ve heard from some of them about some of the projects that they have been involved in. I’m sure that played some part in my decision to make this donation.”

Another compelling factor in that decision, Bahl said, was the prevalence of cancer in his family.

Jim Simons, former chairman of the Mathematics Department at Stony Brook, founded Renaissance Technologies, bringing in a range of expertise to understand and predict movements in the stock market. Simons and his wife Marilyn have made significant contributions to Stony Brook that have helped bring in talented staff.

Indeed, in 2012 the school recruited distinguished scientists Yusuf Hannun, the director of the Cancer Center and Lina Obeid, the dean for research and professor of medicine. Hannun and Obeid, with the support of other senior faculty in the Cancer Center, will help oversee the creation of an advanced metabolomics and imaging center in the new Medical and Research Translation building when it opens in 2018.

Lalit and Kavita Bahl pledge $10 million to new cancer research program. Photo from Stony Brook University

“We have high-powered, brilliant investigations in cancer medicine,” Hannun said. “This creates the capability that will allow them to take their work to the next level, in developing new therapeutics as well as in imaging studies.”

The new facilities include a cyclotron, which is used to create novel tracer molecules for PET scanning, hot labs that produce radioactive tracers for the cyclotron, two PET scanners and research labs.

Imaging will enable doctors to monitor patients, in some cases without excising a tissue sample or performing surgery.

The imaging will “distinguish between a tumor [that] is necrotic and dying [and one] that’s metabolically active,” said Obeid. That will help track and monitor the patient’s response to various medicines and chemotherapy in a noninvasive way.

Metabolomics is the study of the small molecules or metabolites that help cells function. Some of those metabolites provide energy while others could act as signaling molecules, and still others could be involved in other structural or functional effects.

In addition to new equipment, Stony Brook will add new scientists to its fight against cancer. During the first phase, the school will recruit an oncological imaging researcher, a matrix-assisted laser desorption ionization researcher and a magnetic resonance spectroscopy researcher. In the second phase, Stony Brook will hire a new scientist in experimental therapeutics.

Ken Kaushansky, the dean of the School of Medicine, appreciates the progress the school is making in cancer research and is energized by the combination of philanthropic gifts and investments from the university.

“There’s something remarkably catalytic about a brand new building,” Kaushansky said. He said he’s had regular discussions with people who want an opportunity to work in the new facility.

While the broader goal is, and continues to be, to make important discoveries that will help in the prevention, diagnosis and treatment of cancer, Kaushansky reiterated the school’s desire to earn a National Cancer Institute designation. This designation, which has been given to 69 institutions throughout the United States, raises its visibility and increases the opportunities to become part of research initiatives, while it also improves the chances that an individual scientist will obtain research funding from the National Cancer Institute, according to that organization’s web site.

“We have far surpassed the threshold of cancer research needed to acquire an NCI designation,” Kaushanksy said, which he attributes to Hannun’s efforts. Stony Brook is “now focusing on building up our clinical research prowess. That’s the second major component. I like our chances.”

The next area Stony Brook hopes to build is cardiovascular imaging, Kaushansky said.

“We have some remarkable cardiovascular surgeons and some terrific cardiovascular biologists,” Kaushansky said. “We need some outstanding cardiovascular imagers to work with [them]. We can use the incredible tools that we are building to do to cardiovascular medicine what we are doing to cancer.”