Key Takeaways
- • Balyasny Asset Management's Abu Dhabi office has received its first employee: Yash Agarwal, a former ExodusPoint global equities portfolio manager who took gardening leave in May 2025 and is now based in the emirate as BAM's inaugural on-ground hire.
- • The $29 billion multi-strategy hedge fund is expected to commence operations in Abu Dhabi during the first half of 2026, pending final regulatory authorization from Abu Dhabi Global Markets (ADGM).
- • Agarwal, previously identified as one of ExodusPoint's top portfolio managers in London, is tasked with building a new team at BAM's Abu Dhabi location, signaling the firm's intent to establish material operational capacity in the emirate.
- • The expansion reflects broader institutional migration to Abu Dhabi, where tens of hedge funds have established offices in recent years, with the emirate planning a $16 billion expansion of Al Maryah Island—the financial hub where hedge funds concentrate operations.
- • This marks BAM's second UAE office, following its 2023 approval by the Dubai Financial Services Authority to operate in Dubai.
Summary
Balyasny Asset Management has placed its first employee on the ground in Abu Dhabi, advancing the $29 billion Chicago-based hedge fund's expansion into the emirate. Yash Agarwal, a global equities portfolio manager and former senior contributor at ExodusPoint, relocated to Abu Dhabi after taking gardening leave in May 2025. According to eFinancialCareers, Agarwal is understood to be BAM's inaugural on-ground hire in the emirate and has been assigned to build out a new team at the Abu Dhabi office.
BAM announced plans to open the Abu Dhabi office in December 2025, with the firm now awaiting final regulatory approval to commence operations. The hedge fund expects to begin operations during the first half of 2026, contingent on authorization from Abu Dhabi Global Markets (ADGM), the emirate's financial free zone regulator. Neither BAM nor Agarwal provided comment on the appointment or operational timeline.
Agarwal's relocation underscores Balyasny's commitment to geographic diversification and positions the firm within Abu Dhabi's rapidly expanding hedge fund ecosystem. The emirate has emerged as a magnet for institutional asset managers in recent years, with dozens of hedge funds establishing offices there despite geopolitical volatility in the Middle East. Abu Dhabi's appeal reflects both regulatory frameworks tailored to international capital markets and substantial sovereign wealth-backed capital flows. The emirate is planning a $16 billion expansion of Al Maryah Island, the financial district where most international hedge funds cluster their operations.
The Abu Dhabi expansion represents BAM's second UAE office, following the firm's 2023 regulatory approval from the Dubai Financial Services Authority (DFSA) to operate in Dubai. The dual-emirate strategy allows Balyasny to leverage both Dubai's established financial infrastructure and Abu Dhabi's increasingly sophisticated regulatory environment and capital availability, positioning the firm for growth across the GCC region's institutional investment landscape.
BAM announced plans to open the Abu Dhabi office in December 2025, with the firm now awaiting final regulatory approval to commence operations. The hedge fund expects to begin operations during the first half of 2026, contingent on authorization from Abu Dhabi Global Markets (ADGM), the emirate's financial free zone regulator. Neither BAM nor Agarwal provided comment on the appointment or operational timeline.
Agarwal's relocation underscores Balyasny's commitment to geographic diversification and positions the firm within Abu Dhabi's rapidly expanding hedge fund ecosystem. The emirate has emerged as a magnet for institutional asset managers in recent years, with dozens of hedge funds establishing offices there despite geopolitical volatility in the Middle East. Abu Dhabi's appeal reflects both regulatory frameworks tailored to international capital markets and substantial sovereign wealth-backed capital flows. The emirate is planning a $16 billion expansion of Al Maryah Island, the financial district where most international hedge funds cluster their operations.
The Abu Dhabi expansion represents BAM's second UAE office, following the firm's 2023 regulatory approval from the Dubai Financial Services Authority (DFSA) to operate in Dubai. The dual-emirate strategy allows Balyasny to leverage both Dubai's established financial infrastructure and Abu Dhabi's increasingly sophisticated regulatory environment and capital availability, positioning the firm for growth across the GCC region's institutional investment landscape.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.