Key Takeaways
- • Thomas Stephens and Kevin Cottrell, portfolio managers at Corbets Capital, the fundamental stock-picking unit of the $37 billion Balyasny Asset Management, left the firm earlier this month, according to Business Insider citing people familiar with the matter.
- • Stephens ran Corbets from its 2022 launch until roughly a year ago; Cottrell, a technology-focused PM, joined at the end of 2023 after running his own fund, KCL Capital.
- • Corbets is now led by Alberto Mann, Mitul Shah and David Corwin; the unit had 15 PM teams and nearly 100 investment professionals as of the start of June.
- • Corbets also lost head of trading Ali Lombardo to Viking Global earlier this year; her replacement, Ted Drury, formerly of UBS O'Connor, is due to start next week.
- • Balyasny gained less than 1% through September and does not disclose unit-level performance; the firm declined to comment.
Summary
Two portfolio managers, Thomas Stephens and Kevin Cottrell, left Corbets Capital earlier this month, Business Insider reported, citing people familiar with the matter. Corbets is the fundamental stock-picking unit of Balyasny Asset Management, a $37 billion multi-manager platform. Balyasny declined to comment.
Stephens led Corbets from its launch in 2022 until roughly a year before his departure and more recently managed a portfolio focused on financial services companies. He joined Balyasny in 2018 after managing money at Millennium Management and Citadel. Cottrell, who focused on technology, joined the unit at the end of 2023 after running his own fund, KCL Capital, and previously traded at Point72 Asset Management.
Corbets is now led by portfolio managers Alberto Mann, Mitul Shah and David Corwin, according to the report. As of the start of June, the unit had 15 portfolio management teams and nearly 100 investment professionals. The unit also lost its head of trading, Ali Lombardo, to Viking Global earlier this year. Her replacement, Ted Drury, former UBS O'Connor trading head, is due to start next week.
Balyasny does not break out performance by unit. The firm gained less than 1% through September, Business Insider previously reported. The firm has also added portfolio managers this year from Citadel, Marshall Wace and Hudson Bay. The changes reflect a broader trend in which multi-manager platforms run separate in-house equity brands to sharpen investment style, ease recruitment and gain distinct access to corporate management teams. The source notes that such units are reshuffled quickly when a platform's overall returns lag rivals in a year of intense competition for proven stock pickers.
Stephens led Corbets from its launch in 2022 until roughly a year before his departure and more recently managed a portfolio focused on financial services companies. He joined Balyasny in 2018 after managing money at Millennium Management and Citadel. Cottrell, who focused on technology, joined the unit at the end of 2023 after running his own fund, KCL Capital, and previously traded at Point72 Asset Management.
Corbets is now led by portfolio managers Alberto Mann, Mitul Shah and David Corwin, according to the report. As of the start of June, the unit had 15 portfolio management teams and nearly 100 investment professionals. The unit also lost its head of trading, Ali Lombardo, to Viking Global earlier this year. Her replacement, Ted Drury, former UBS O'Connor trading head, is due to start next week.
Balyasny does not break out performance by unit. The firm gained less than 1% through September, Business Insider previously reported. The firm has also added portfolio managers this year from Citadel, Marshall Wace and Hudson Bay. The changes reflect a broader trend in which multi-manager platforms run separate in-house equity brands to sharpen investment style, ease recruitment and gain distinct access to corporate management teams. The source notes that such units are reshuffled quickly when a platform's overall returns lag rivals in a year of intense competition for proven stock pickers.
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