Citi Equity Derivatives Chief To Two Sigma

Jul 3 2014 | 7:21am ET

A top Citigroup derivatives executive will leave the bank to become head of a hedge fund’s market-making business.

Simon Yates has been named CEO of Two Sigma Securities, that firm’s owner, Two Sigma Investments, said. The $20 billion hedge fund said Yates was “a leader with deep expertise in markets and risk management.”

Yates had been head of equity derivatives at Citi since 2012, having previously worked at Credit Suisse Group and JPMorgan Chase.

Two Sigma Securities runs an electronic-trading platform.

Yates’ exit for Two Sigma is the second major loss to a hedge fund for the Citi equities division this year, following the departure of global head of equities trading Michael Pringle for Moore Capital Management in May.

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