Siegel is the co-owner of Two Sigma Investments, a New York-based hedge fund that manages about $60 billion in assets using a quantitative analysis investment strategy. Siegel founded Two Sigma Investments with co-chairman John Overdeck in 2001 after earlier stints at Tudor Investments and D.E. Shaw & Co.
Siegel's fortune is held in Two Sigma Investments, the hedge fund he co-founded in 2001 with John Overdeck and Mark Pickard. Overdeck has about $5.6 billion in assets in the firm, based on an analysis of the 2023 Form ADV filed with the Securities and Exchange Commission.
The billionaire owns half of Two Sigma, according to the Form ADV. The company is valued based on assets under management of $60 billion as reported on the company's website and the average price-to-assets under management of three publicly traded funds Sculptor Capital Management, Janus Henderson Group and Man Group. A 5% liquidity discount is applied.
Siegel declined to comment on his net worth through spokesperson Hannah Fuchs in November 2022.
David Mark Siegel attended Princeton University, where he graduated in 1983 with degrees in electrical engineering and computer science, according to a 2001 profile in Princeton Alumni Weekly. He then attended the Massachusetts Institute of Technology, where he studied at its Artificial Intelligence Laboratory and received his PhD in computer science.
His first job after MIT was at D.E. Shaw, a New York quantitative hedge fund. There he founded an online backoffice services provider, FarSight Financial Services, which was later sold to Merrill Lynch in 1999 for about $30 million, according to a 1999 Wall Street Journal report. Siegel was also Shaw's first chief information officer. The executive also started his own foray into the dotcom bubble around that time, founding blink.com, a combination website bookmark organizer and social network, according to the Princeton profile. Later, Siegel joined Paul Tudor Jones's Tudor Investment, where he was chief technology officer.
Siegel then co-founded Two Sigma Investments with John Overdeck and Mark Pickard in 2001. They aimed at bringing technology and data science together and developed systematic trading systems. The company thrived in the aftermath of the Great Recession, seeing its assets under management triple between 2009 to 2011, according to a report by Alpha Magazine. Today, Siegel and Overdeck own Two Sigma and are co-chairmen of the company, located in the SoHo district of Manhattan. Pickard retired in 2001, sold his stake to his partners in 2006, and remains president emeritus.
The billionaire is on the board of a series of non-profits, including the Scratch Foundation, a programming-focused non-profit he cofounded in 2013. He lives in Scarsdale, New York, with his wife Dana Matsushita.