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    Two Sigma's Seth Platt to leave management committee as founder dispute drags on

    David Siegel's representative on the $85bn quant firm's two-person management committee has asked to be replaced, Bloomberg reported.

    HedgeWeekly Hedge Fund Desk ·

    Seth Platt, who sits on Two Sigma Investments' two-member management committee as co-founder David Siegel's nominee, plans to leave the firm, Bloomberg reported on 19 October. Platt has asked Siegel to find someone to take his seat and will go once that person is chosen. A spokesperson for Siegel's family office said a search for a successor has begun.

    The departure is the latest fallout from years of friction between Siegel and John Overdeck, who launched the firm in 2001. Two Sigma told regulators in a March 2023 filing that the founders' disagreements over roles, governance and succession were a material risk to the business. In August 2024 both founders gave up day-to-day control and handed the chief executive roles to Carter Lyons and Scott Hoffman, a former Lazard general counsel.

    Overdeck rejoined the management committee in April 2025, about eight months after stepping back. Hoffman, Siegel's first pick for the committee and a co-CEO, then quit, with a 31 March 2026 filing citing "ongoing governance challenges". Platt took over his committee seat, so Siegel will now be choosing his third nominee in roughly two years. Platt is expected to work as chief investment officer and chief operating officer of Siegel's family office, and the spokesperson said Siegel is not planning to resume running the hedge fund day to day.

    Why it matters: the churn is happening while returns are strong. The Absolute Return Enhanced Fund gained 16% in the first nine months of 2026, according to a person familiar with the figures, and the firm has said this year could rank among its best. Allocators reviewing Two Sigma will have to set that performance against repeated turnover in the firm's top governance body.

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