John Overdeck and David Siegel, the feuding Co-Founders and Co-Chairmen of hedge fund Two Sigma, are to step down from the day-to-management of the firm, and are handing over control to two new Co-Chief Executive Officers.
Effective 30 September, Carter Lyons, Two Sigma’s Chief Business Officer, and Scott Hoffman, former Chief Administrative Officer and General Counsel of Lazard, will run the $60bn firm, with computer scientist Overdeck and mathematician Siegel continuing to advise on quant investing and technology.
The duo, who founded the business in 2001, will retain their roles as Co-Chairmen, while their equity stakes in the business will also remain unchanged.
The relationship between Overdeck and Siegel had soured to such an extent, that in a regulatory filing in March 2023, Two Sigma identified the rift as a material risk to the business.
The firm currently employs approximately 2,000 people globally, with two-thirds of those working in research and development roles.
In a press statement Siegel said: “In light of the ongoing advancements in AI, I am more excited than ever about our ability to use our scientific investment philosophy to generate differentiated returns, and I look forward to continuing to be part of this journey for years to come.”
Overdeck added: “Two Sigma remains at the forefront of groundbreaking research, leveraging advanced technologies and techniques, while attracting the brightest minds across mathematics, science, computer science, and many other disciplines. We deeply value the talented individuals who comprise Two Sigma, as they relentlessly push the boundaries of innovation on behalf of our investors. We are very grateful for the trust our investors have placed in us over our first 23 years and have full confidence in Carter, Scott, and our strong and deep leadership bench as they guide the firm forward.”
Lyons has had a 25-year career in investment management and financial services, and has played a key role in the company’s expansion and diversification during his 13 years at the firm having joined in 2011 as Head of Investor Relations from BlackRock where he was Managing Director within the Global Client Group’s US and Canadian Institutional team.
Hoffman served as the Chief Administrative Officer and General Counsel of global asset management and investment banking firm Lazard until his retirement in September 2023 after a distinguished career at the firm that spanned nearly three decades.
