Two Sigma Founders Step Down as Co-CEOs

John Overdeck and David Siegel, co-founders of Two Sigma Investments, will step down as co-CEOs effective September 30, 2024, after years of internal conflict that threatened the firm's stability. They will transition to advisory roles as co-chairmen while Carter Lyons and Scott Hoffman take over the leadership of the hedge fund, which manages around $60 billion in assets. This change follows a public acknowledgment of their deteriorating relationship, which prompted concerns about the firm's future. Overdeck and Siegel have been pivotal in the firm's rise, known for innovative quantitative trading strategies. Their replacements, Lyons and Hoffman, are anticipated to bring new perspectives and unify the team amid ongoing challenges. This leadership shift represents a significant moment for Two Sigma and the hedge fund industry at large.