Key Points
(Bloomberg) -- Two Sigma Investments disclosed that a years-long dispute between its billionaire co-founders is continuing to pose material risks to clients and affect its ability to keep staffers from leaving, with a 12-year veteran of the $60 billion hedge fund set to depart..
Co-founders John Overdeck and David Siegel still disagree on the authorities, responsibilities and compensation for their own roles as well as a range of senior executives, including chief investment officers, the firm said in an updated regulatory filing Friday..
Its affecting Two Sigmas ability to retain and attract employees (including very senior employees)," the firm said, adding that the ability to achieve client mandates could be impacted over time.".
Tensions between the two who launched the firm in 2001 and are the only members of its management committee were already affecting talent retention and the ability of employees to fully implement key research, engineering or business initiatives..
Two Sigma employed a consulting firm last year to perform an exhaustive review" of its corporate design and governance framework, according to the investor letter..
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