John Overdeck and David Siegel, who set up Two Sigma in 2001, are handing over the reins to two new co-CEOs after a years-long feud over the direction of the $60 billion fund.
Two bickering billionaire founders of a top hedge fund agreed to step down on Wednesday, potentially ending one of the most long-running boardroom spats on Wall Street .in 2001, are handing over the reins to two new co-CEOs after a years-long feud over the direction of a firm that manages $60 billion in assets and employs AI as part of its trading strategy.
Overdeck, a mathematician who worked for Jeff Bezos in Amazon’s early days, and Siegel are barely on speaking terms afterNvidia employees often work 7 days a week until 2 a.m. — but here's why few of them leave “Over the past year and a half, we and our senior management team have dedicated significant effort to securing the long-term success and stability of Two Sigma,” Overdeck and Siegel wrote in a letter to investors. “Throughout this process, our own roles have been a central consideration.”“Today, we are confident that stepping back from our day-to-day management roles is the right decision at this time,” they wrote.
Overdeck will also leave his role as as chief investment officer of the former to be replaced by Ali-Milan Nekmouche, while Geoff Duncombe will stay on as chief investment officer of Two Sigma Advisers. Two Sigma’s Absolute Return Enhanced Fund gained 10.6% in the first half of the year, while its flagship Spectrum Fund rose 6.1%, Bloomberg reported on Wednesday.Nvidia employees often work 7 days a week until 2 a.m. -- but here's why few of them leave
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