Two Sigma Investments promotes 2 to co-head investment unit

CEO to become head of strategic investments

Two Sigma Investments is promoting Geoffrey Duncombe, managing director and chief investment officer, and Carter Lyons, managing director and director of investor relations, to co-heads of Two Sigma Advisers, the business unit that manages most of the firm's assets, effective Jan. 1.

The duo will retain their current roles while adding oversight of Two Sigma Advisers' investment management activities to Mr. Duncombe and all business activities to Mr. Carter, said a source who had Two Sigma's letter to clients about the executive changes and asked not to be named.

Jesse Comart, a Two Sigma spokesman, declined to comment on the changes.

The co-head positions are new: Messrs. Duncombe and Lyons assume their new responsibilities from Nobel Gulati, Two Sigma's CEO, who on Jan. 1 will take on the newly created role of head of strategic investments.

Mr. Gulati will not be replaced as CEO, the source said.

Two Sigma manages $58 billion in hedge funds and other alternative strategies.