"Our vision has always been to build a sustainable organization driven by a systematic investment process, a commitment to investing in our people and platform, and an evolution mindset," Siegel said in the release. "With their vast experience, complementary expertise, and appreciation for Two Sigma's unique culture, Carter and Scott will carry this vision forward, guiding Two Sigma in its next chapter."
Succession still flummoxes these billionaires, who often build their firms by touting their own personal genius. Battles over who will take over long-running funds... are common.“
Investors in managers with graying founders push their funds to come up with succession plans, with varying degrees of success. Founders can be protective of thinking of a future for a firm they built from the ground up, but big institutional investors worry about their portfolio's durability as much as its current returns.
In the case of $60 billion Two Sigma, the LPs are cautiously optimistic after a tumultuous stretch for the firm, which was fueled by a long-running dispute between its two billionaire heads.
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