Key Takeaways
- • Balyasny Asset Management is set to hire Antoine Iskandar, a senior portfolio manager at rival multi-strategy hedge fund Millennium Management, according to a Bloomberg report.
- • Iskandar, based in Zug, Switzerland, managed more than $600m at Millennium, according to people familiar with the matter.
- • His equities, relative value and equity derivatives team reportedly incurred losses in the tens of millions of dollars in 2026, after generating cumulative profits over the preceding three years.
- • Iskandar had held preliminary discussions with Millennium about spinning out his own fund before choosing to join Balyasny.
- • Neither Iskandar nor representatives of Millennium or Balyasny commented on the move.
Summary
Balyasny Asset Management is set to hire Antoine Iskandar, a senior portfolio manager at Millennium Management, according to a report by Bloomberg. Iskandar, who is based in Zug, Switzerland, managed more than $600m at Millennium, which is led by Izzy Englander, according to people familiar with the matter. The move is notable because Millennium and Balyasny are direct rivals in the multi-strategy hedge fund segment, led by Dmitry Balyasny at his firm.
Iskandar's team focuses on equities, relative value and equity derivatives strategies. According to the Bloomberg report, the team reportedly incurred losses running into tens of millions of dollars in 2026, despite generating cumulative profits over the preceding three years. Before deciding to join Balyasny, Iskandar had been in preliminary discussions with Millennium about a potential spinout of his own fund.
Iskandar and representatives for both Millennium and Balyasny declined to comment on the move. The hire comes amid continued competition for portfolio management talent among large multi-strategy hedge funds, which are seeking to deploy capital and expand their investment teams. According to Bloomberg, portfolio managers who have experienced recent losses are still attracting interest from rival firms, since a move between platforms can allow them to begin earning performance-related compensation without first recovering losses accumulated at their previous employer.
Iskandar's team focuses on equities, relative value and equity derivatives strategies. According to the Bloomberg report, the team reportedly incurred losses running into tens of millions of dollars in 2026, despite generating cumulative profits over the preceding three years. Before deciding to join Balyasny, Iskandar had been in preliminary discussions with Millennium about a potential spinout of his own fund.
Iskandar and representatives for both Millennium and Balyasny declined to comment on the move. The hire comes amid continued competition for portfolio management talent among large multi-strategy hedge funds, which are seeking to deploy capital and expand their investment teams. According to Bloomberg, portfolio managers who have experienced recent losses are still attracting interest from rival firms, since a move between platforms can allow them to begin earning performance-related compensation without first recovering losses accumulated at their previous employer.
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