Two Sigma announced today that John Overdeck and David Siegel, Co-Chairmen and Co-Founders of the firm, will step down as Co-Chief Executive Officers and appoint Carter Lyons, Two Sigma’s Chief Business Officer, and Scott Hoffman, former Chief Administrative Officer and General Counsel of Lazard, as Co-Chief Executive Officers, effective September 30, 2024. David and John will step away from their day-to-day management roles, but continue lending their deep quantitative investment and technology expertise as Co-Chairmen to ensure that the company remains at the forefront of financial sciences.
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Carter Lyons (Photo: Business Wire)
Two Sigma was founded in 2001 by David Siegel, a computer scientist, and John Overdeck, a mathematician, with a focus on bringing technology and data science to investment management. Today, the firm manages around $60 billion in assets and employs approximately 2,000 people globally, two-thirds of whom are in research and development roles.
“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. With their vast experience, complementary expertise, and appreciation for Two Sigma’s unique culture, Carter and Scott will carry this vision forward, guiding the firm to even greater heights,” said David Siegel, Co-Founder and Co-Chairman. He added: “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.”
John Overdeck, Co-Founder and Co-Chairman said: “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.”
Carter Lyons, Chief Business Officer of Two Sigma, has had a 25-year career in investment management and financial services, and has been instrumental in the company’s expansion and diversification during his 13 years at the firm. In this role, he collaborated closely with other company leaders to drive growth across the firm’s Investment Management and Private Investment businesses, including forging new relationships and deepening existing ones, delivering new products and solutions, and broadening the company’s global footprint. Carter joined Two Sigma in 2011 as Head of Investor Relations and was subsequently Co-Head of Two Sigma Advisers. Carter came to Two Sigma from BlackRock where he was Managing Director within the Global Client Group’s U.S. and Canadian Institutional team.
Scott Hoffman served as the Chief Administrative Officer and General Counsel of Lazard, a preeminent global asset management and investment banking firm, until his retirement in September 2023 after a distinguished career at the firm that spanned nearly three decades. During his tenure at Lazard, Scott was instrumental in navigating complex governance changes and positioning the firm for long-term success and stability, which makes him uniquely well-suited for leadership as Two Sigma enters the next phase of its evolution. As Chief Administrative Officer and General Counsel, Scott assumed a broad range of responsibilities, including legal and compliance, internal policies, communications, information security, and internal audit. He worked closely with the firm’s leadership on client matters and as a counselor to Lazard’s board of directors, playing a critical role in M&A and the firm’s IPO on the New York Stock Exchange.
Carter Lyons said: “It has been extremely fulfilling to work alongside David and John over the past decade, developing innovative solutions for our clients and growing the company into the industry leader it is today. I’m excited for Scott to join the leadership team, and I have no doubt his deep experience and fresh perspectives will help Two Sigma to continue delivering attractive returns and creative solutions for years to come.”
“David and John have built a remarkable firm that has continuously broken new ground in investment management. I look forward to learning from them and partnering with Carter, as well as the entire Two Sigma team, to build on the firm’s progress and momentum,” said Scott Hoffman.
In connection with today’s announcements, Ali-Milan Nekmouche, Chief Investment Officer of Equities, will take on the additional role of Chief Investment Officer for Two Sigma Investments, succeeding John in this role. Geoff Duncombe will continue to serve as Chief Investment Officer for Two Sigma Advisers and Chief Investment Officer of Macro. Carter and Scott, along with Jeff Wecker, the firm’s Chief Technology Officer, and Tim Reynolds, the firm’s Chief Operating Officer, will partner with Ali and Geoff in driving forward the firm’s investment priorities and future growth. These leaders have collectively been responsible for driving cutting-edge research and technology initiatives, enforcing a strong scientific ethos, and embodying Two Sigma’s culture of innovation.
Key biographies
David Siegel, Co-Founder and Co-Chairman
David Siegel is a computer scientist, entrepreneur, and philanthropist. He co-founded Two Sigma with the belief that innovative technology and data science could help discover value in the world’s data. Today, Two Sigma drives transformations across the financial services industry in investment management, venture capital, private equity, real estate, and insurance.
David’s philanthropic efforts underscore his conviction that education, science, and technology are the keys to a better world. In keeping with this vision, he founded Siegel Family Endowment in 2011 to support organizations and leaders that will understand and shape the impact of technology on society and devotes significant time and energy to actively engaging with this work.
David is a member of the Executive Committee of the MIT Corporation, Vice-Chair of the Scratch Foundation, and a member of the Cornell Tech Council. He also serves as a board member of Khan Academy, NYC FIRST, and Carnegie Hall.
John Overdeck, Co-Founder and Co-Chairman
John is co-chair and co-founder of Two Sigma.
John began his career at D.E. Shaw & Co., where he rose to managing director. While at Shaw, he directed the firm’s Japanese equity and equity-linked investments and supervised the firm’s London investment management affiliate. Prior to co-founding Two Sigma in 2001, John spent two years at Amazon.com, first as vice president and technical assistant to Amazon.com founder Jeff Bezos. He went on to lead customer relationship management at Amazon.com, directing Amazon’s renowned personalization, community, and targeted marketing features and technology. He also led critical efforts to make Amazon’s customer technology more scalable.
John serves as chair of the Institute for Advanced Study, National Museum of Mathematics, and Bedtime Math Foundation, and serves on the board of Robin Hood. He is also the president of Overdeck Family Foundation, which supports innovative programs and research that measurably enhance education inside and outside the classroom.
A lifelong math enthusiast, John won a silver medal for the United States in the 27th International Mathematics Olympiad. In 2017, John was honored by the Academy of Achievement for being a pioneer in technology and investment management.
John earned a B.S. in Mathematics (with distinction) and a M.S. in Statistics from Stanford University.
Carter Lyons, Co-CEO, Two Sigma
Carter Lyons is Co-CEO of Two Sigma. He was formerly Two Sigma’s Chief Business Officer, partnering closely with the leadership of the firm’s investment management and private investment businesses to expand client relationships, deliver new products and solutions, and nurture new partnerships. Previously, he was Co-Head of Two Sigma Advisers. He joined Two Sigma in 2011 as Head of Investor Relations and was responsible for the company’s fundraising and relationship management efforts.
Prior to Two Sigma, Carter worked at BlackRock as Managing Director within the Global Client Group’s U.S. and Canadian Institutional team. In this role, he was responsible for developing and maintaining relationships with institutional investors, as well as for overseeing account managers’ marketing and client service for institutional clients. Carter has also held leadership roles at Barclays Global Investors and Franklin Templeton.
Carter earned a bachelor’s degree in finance from Lehigh University and is a CFA charterholder.
Scott Hoffman, Co-CEO, Two Sigma
Scott Hoffman is Co-CEO of Two Sigma. He served as the Chief Administrative Officer and General Counsel of Lazard, a preeminent global asset management and investment banking firm, until his retirement in September 2023 after a distinguished career at the firm that spanned nearly three decades. During his tenure at Lazard, Scott assumed a broad range of responsibilities, including legal and compliance, internal policies, communications, information security, and internal audit. He worked closely with the firm’s leadership on client matters and as a counselor to Lazard’s board of directors and played an instrumental role in M&A and the firm’s IPO on the New York Stock Exchange. Scott began his career at Cravath, Swaine & Moore LLP, specializing in mergers and acquisitions and securities law. He earned an undergraduate degree in Government from Dartmouth College and a law degree from the New York University School of Law, where he is a member of the board of trustees. Scott is also a member of the board of Film at Lincoln Center.
Ali-Milan Nekmouche, Chief Investment Officer of Equities and Chief Investment Officer of Two Sigma Investments
Ali-Milan Nekmouche serves as Chief Investment Officer of Equities and Chief Investment Officer of Two Sigma Investments (TSI). In this role, Ali advances equities investment activities and capabilities, including alpha research, portfolio research, portfolio management, and trading. Ali also serves as Chief Data Strategist, overseeing data strategy and innovation, and fueled significant growth in the company’s machine learning and AI alpha generation. Over his two decades at Two Sigma, he has held a number of leadership, research, and portfolio management roles, driving a range of forecasting and research initiatives focused on the fast-paced adoption of emerging data and machine learning capabilities.
Prior to joining Two Sigma, Ali was an investment banking analyst with BMO Nesbitt Burns. Prior to this, he was a financial analyst at Ernst & Young.
Ali earned a master’s degree in accounting from the University of Virginia, and a bachelor’s degrees in finance and computer science from Pace University.
About Two Sigma
Two Sigma is a financial sciences company that combines advanced technology and data science with rigorous human inquiry to solve the toughest challenges in finance. Two Sigma aims to generate alpha for its clients and deliver differentiated solutions in investment management, securities, private equity, real estate, venture capital, portfolio analytics, and insurance. Founded in 2001 by David Siegel and John Overdeck, Two Sigma employs around 2,000 curious minds, and is headquartered in New York with offices around the globe. For more information visit www.twosigma.com.
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