Renaissance Technologies has selected David Lippe, a longtime employee, to serve as co-chief executive officer of the $40 billion hedge fund firm, as detailed in a note sent to investors. Lippe will officially assume his new role alongside current CEO Peter Brown on July 1. Since 2018, Peter Brown has been leading the firm independently, following the departure of his former co-head, Robert Mercer.
Brown said, "The two of us have worked closely together since David joined Renaissance in 2001," Brown also added "Renaissance’s bench of outstanding scientists and other professionals is deeper than it ever has been and positions the company well."
James Mammen, a key figure under Lippe, will take over as the head of institutional funds.