(Bloomberg) -- Two Sigma Investments will dismiss roughly 200 employees after the firm’s new co-chief executive officers conducted a wide-ranging review of the hedge fund’s business.

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No portfolio managers were included in the dismissals, according to a person familiar with the matter, who asked not to be identified discussing personnel information. Thursday’s cuts represent about 10% of the firm’s roughly 2,000 employees.

Those affected were in the corporate, engineering, modeling and trading, and securities units, according to a memo to staff seen by Bloomberg News.

The cuts mark the first public, sweeping change made by co-CEOs Carter Lyons and Scott Hoffman, who took the reins in September after the company’s feuding billionaire founders stepped down from day-to-day management.

“This area-specific review has revealed that our business is strong and poised for continued growth,” Lyons and Hoffman said in the memo. “We have also discovered opportunities to more effectively direct our resources to areas that will drive the most value.”

A representative for Two Sigma declined to comment.

The dispute between Two Sigma’s billionaire founders - John Overdeck and David Siegel - grew so fraught that the two stepped down. It was the firm’s biggest management overhaul in its 23-year history. The duo will keep their equity stakes and remain chairmen. Tensions between the founders had become so strained that the firm identified the rift as a material risk in a March 2023 regulatory filing — an unusual move for any hedge fund, let alone one as secretive as Two Sigma.

The firm’s Absolute Return Enhanced fund — its biggest by assets — is up 11.2% this year through Nov. 15, a person said. Firm assets are at a peak of $64 billion.

Brevan Howard Asset Management, another of the world’s best known hedge funds, also turned to job cuts as it sought to streamline operations, cutting around 10% of its workforce earlier this year.

--With assistance from Nishant Kumar.

(Updates with additional context in seventh paragraph and performance numbers in eighth.)

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