Yates, 43, will become chief executive officer at Two Sigma’s securities subsidiary, the person said, asking not to be identified because the move hasn’t been announced. The unit runs an electronic platform that trades more than 200 million shares each day, according to its website. Yates will join Two Sigma in September, the person said.
The departure of Yates, named to his position in 2012 as part of a shake-up in the division, follows that of Michael Pringle, Citigroup’s London-based global head of equities trading. Pringle left the bank in May for Moore Capital Management LP, the $15 billion hedge-fund firm run by Louis Moore Bacon. Yates and Pringle reported to Derek Bandeen, head of equities at the New York-based bank.
Two Sigma was started in 2001 by David Siegel, a former chief technology officer at Tudor Investment Corp., and John Overdeck, a former managing director at D.E. Shaw & Co. The New York-based firm uses complex mathematical models to decide when to buy and sell securities, and manages about $20 billion.
Scott Helfman, a spokesman for Citigroup, declined to comment on the departure.
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