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☆ Warring Billionaires, a Rogue Trader, a Divorce: One Hedge Fund’s Tale of Woe
▼ + stars: | 2023-11-06 | by ( Maureen Farrell | More About Maureen Farrell | ) www.nytimes.com time to read: +1 min

Two Sigma, one of the world’s largest hedge funds, has long prided itself on two things: the sophisticated, in-house algorithms that power its trading, and its commitment to secrecy. But recent internal troubles have forced Two Sigma to air its dirty laundry. In October, it had more bad news: An employee had altered some trading models without the firm’s knowledge, affecting its returns and drawing regulatory scrutiny. It’s the kind of mess that any investment firm wants to avoid for fear of losing clients and talent, especially one that has avoided the spotlight for much of its 22 years of existence. In a 2015 profile of Two Sigma, Forbes magazine said the two founders were “obsessive about avoiding publicity and keeping the firm’s secrets under wraps.”

Persons: David M, Siegel, John A, unbeknown Organizations: Sigma, New, Mr, Internal Revenue Service, Forbes Locations: New York

‘The earlier, the better’Early Intervention was created in 1986 to address developmental delays in children like Alexander as soon as possible. “In a way, Early Intervention is contributing to some social inequity,” she explained. J.B. Pritzker signed a budget in June giving Early Intervention providers a 10% raise. Although Aria started speech therapy promptly, she has been on the waitlist for developmental therapy for more than a year. “I wonder if we would have had the Early Intervention in-person session earlier, if things would have been better by now,” Garcia said.

Persons: — Alexander, Hilda Garcia, Alexander, Garcia, couldn't, ”, ‘, Maureen Greer, Katy Neas, Waitlists —, Sarah Ziemba, “, Allison Friedman, Krauss, ” Friedman, Ziemba, ” Ziemba, J.B, Pritzker, Alex Gough, Lindsey Faulkner, Megan Sanders, ” Faulkner, Sanders, “ We’ve, ” Sanders, Aria, Faulkner, St . Louis, Darcy Armbruster, Armbruster, ’ Hilda Garcia’s, Tylenol, he’d, ” Garcia, ___ Savage Organizations: CHICAGO, U.S . Centers for Disease Control, Association, U.S . Department of Education, Service, Illinois Department of Human Services, Research, National Institute for Early Education Research, Illinois Gov, Associated Press, America Statehouse News Initiative, America, Foundation, AP Locations: West Chicago, U.S, Illinois, Chicago, Peoria , Illinois, Peoria, St ., DuPage County

WASHINGTON (AP) — Democrats in Congress are pushing for a new round of money to keep the nation’s child care industry afloat, saying thousands of programs are at risk of closing when federal pandemic relief runs out this month. Without a new lifeline, child care programs serving millions of families could close or increase prices. A June report from The Century Foundation found that without additional money, about 70,000 child care programs would probably have to shut down after this month. The average annual price for U.S. child care in 2022 was $10,800 per child, according to Child Care Aware of America, a nonprofit advocacy group. President Joe Biden has called for expanded child care support, but his biggest proposal stalled amid a polarized Congress and Democratic infighting.

Persons: ”, Sen, Patty Murray, Bernie Sanders of, Catherine Clark of, Cynthia Davis, Davis, “, Joe Biden, Clark Organizations: WASHINGTON, —, American, Republican, Bernie Sanders of Vermont, The Century Foundation, D.C, Department of Health, Human Services, Century Foundation, Democratic, Democratic holdouts, Congress, Associated Press, Foundation, AP Locations: Catherine Clark of Massachusetts, . Arkansas , Montana , Utah, Virginia, West Virginia, Washington, Washington ,, America

☆ A top Two Sigma investment executive has taken leave from the firm amid a series of challenges for the hedge fund giant
▼ + stars: | 2023-08-16 | by ( Alex Morrell | Rebecca Ungarino | ) www.businessinsider.com time to read: +2 min

A Two Sigma chief investment officer has taken a medical leave, Insider has learned. The firm announced the leave of Alex Ginsburg, CIO of equities, to investors and employees in July. A senior Two Sigma investment executive has taken a leave of absence from the firm, Insider has learned. Two Sigma chief data strategist Ali-Milan Nekmouche, who has been with the company since 2004, has been named as Ginsburg's replacement. Siegel did not leave the firm and the group ended up staying at Two Sigma, the Journal reported.

Persons: Alex Ginsburg, Jeff Penney, Timothy Reynolds, Ali, Milan Nekmouche, Ginsburg's, David Siegel, John Overdeck, Siegel, Overdeck, Ginsburg, Geoffrey Duncombe, Alex Morrell, Rebecca Ungarino Organizations: Sigma, Street Locations: amorrell

☆ The billionaires' beef at Two Sigma seems pretty petty
▼ + stars: | 2023-06-29 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

ICYMI: This is the last week of 10 Things on Wall Street. Insider's Rebecca Ungarino has more details on how long the beef between Overdeck and Siegel has been brewing behind the scenes. What stands out to me about the drama at Two Sigma is how it all seems to be so petty. The Two Sigma cofounder was included only as an example of the type of managers Haider had eclipsed. The asset manager tapped two internal executives to serve as co-CEOs of the firm, succeeding CEO Jay Wintrob, The Wall Street Journal reports.

Persons: Dan DeFrancesco, I'm, Billy Joel's, —, we've, Goldman, Cofounders David Siegel, John Overdeck, David Siegel, cofounders, Insider's Rebecca Ungarino, Siegel, Rebecca, Haidar Capital's Said Haidar, Haider, Penny, Warren Buffett, Charlie Munger, Scott Olson, Ruobing Su, Michael Broadbery, Goldman Sachs, Maza, Andreessen Horowitz, Seth Klarman, Jay Wintrob, Robert O'Leary, Armen Panossian, Everybody's, they're, Joey Hadden, Jeffrey Cane, Hallam Bullock Organizations: Sigma, Baupost, Oaktree Capital, Street, Wall, LinkedIn Locations: Omaha, New York, London

☆ Hedge fund industry insiders say Two Sigma's unusual risk disclosure was years in the making
▼ + stars: | 2023-06-27 | by ( Rebecca Ungarino | Kaja Whitehouse | ) www.businessinsider.com time to read: +6 min

Two Sigma, the successful quant hedge fund, is dogged by two cofounders who don't get along. Disagreements between Overdeck and Siegel only surfaced publicly for the first time last week. The disclosure was highly unusual for a hedge fund since they generally have much lighter disclosure requirements than their public counterparts, experts say, making the filing all the more notable. The firm has been known mainly as a premier quantitative hedge fund since its founding. Then when it comes to planning for the next generation of leaders to take over from hedge fund founders, the transition can be difficult.

Persons: John Overdeck, David Siegel, Overdeck, Siegel, Mark Pickard, Jonathan Hitchon, Sarah Jacobs, Kevin Mullally, Mullally Organizations: Sigma, Street Journal, Overdeck, Wall Street, Business, University of Central Locations: New York, Manhattan's SoHo, University of Central Florida

☆ The hedge fund industry is reaching a tipping point: Grow up or go bust
▼ + stars: | 2023-06-21 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Some of the biggest hedge funds in the world are facing a problem that's proving just as challenging as predicting the markets. The Wall Street Journal has a story on that very conundrum, reporting on the tension at the $60 billion hedge fund Two Sigma between cofounders John Overdeck and David Siegel. While the structure of the modern hedge fund dates back to the 1940s, the industry really hit its stride during the 1990s. But I imagine not every hedge fund will want to go that route. And here's more on how hedge funds like Citadel and Millennium are transforming themselves with the help of Goldman Sachs' alumni.

Persons: Dan DeFrancesco, we've, cofounders John Overdeck, David Siegel, Overdeck, Siegel, cofounders, Goldman Sachs, Tracy Gray, Zhenni Liu, Wil Chockley, Charlie Hanna, Peter Deaner, Jeffrey Epstein, Jes Staley, Epstein, CliffsNotes, Bill Ackman, We've, Jeffrey Cane, Hallam Bullock Organizations: Sigma, Citadel, MaC, Marcy Venture Partners, JPMorgan, Columbia, Bloomberg, Financial Times, Pershing Square Capital, LinkedIn Locations: NYC, Los Angeles, Swiss, New York, London

☆ A war between 2 billionaire hedge-fund founders spilled out into the open in an alarming filing
▼ + stars: | 2023-06-20 | by ( Matt Turner | ) www.businessinsider.com time to read: +3 min

John Overdeck and David Siegel created hedge-fund giant Two Sigma, amassing billions in wealth. Here's the relevant section of the filing:There have been a variety of management and governance challenges at the Adviser. These disagreements can affect the Adviser's ability to retain or attract employees (including very senior employees) and could continue to impact the ability of employees to fully implement key research, engineering, or corporate business initiatives. Nor can it agree on the org chart, the management structure, corporate governance, or succession plans. These disagreements might hurt Two Sigma's ability to retain and attract star employees, and those employees' ability to actually implement research, tech, or business initiatives.

Persons: John Overdeck, David Siegel, Juliet Chung, Gregory Zuckerman, Chung, Zuckerman, Jamie Nash, Kleinberg Kaplan, I've Organizations: Sigma, Bloomberg, Wall Street, Management, Management Committee, Chief Investment Officers

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