Founders of Two Sigma Investments, John Overdeck and David Siegel, resigned as co-CEOs in August 2024 following intense disagreements related to operations and management. This discord became significant enough to prompt a regulatory filing warning investors of potential risks. The firm is now led by Carter Lyons and Scott Hoffman. Meanwhile, Two Sigma made strategic portfolio adjustments in Q3 2024, divesting from Intel and Johnson & Johnson and increasing investments in Bank of America, even as their large funds yielded strong returns of up to 14.3% the previous year.
The rift between the two founders had become so severe at Two Sigma that the secretive hedge fund was compelled to file a regulatory notice in March 2024.
According to Bloomberg's reporting, the two founders are headed to arbitration to try to settle their disagreements.
Two Sigma's biggest funds, Spectrum and Absolute Return Enhanced, respectively returned 10.9% and 14.3% last year, one of the people said.
At the same time as the founders stepped down in August, the firm made some changes in Q3 2024 to its large, $46 billion portfolio.
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