Key Takeaways
- • Balyasny Asset Management promoted portfolio manager Ilan Weiss to global co-head of equities, alongside founder Dmitry Balyasny, according to a memo to employees reported by Bloomberg.
- • Weiss's team has generated the highest profits among Balyasny's equity teams since he became a portfolio manager, per the firm's memo.
- • Equities accounts for about 35% of Balyasny's gross capital and spans almost 100 portfolio managers across three divisions.
- • The $37bn multi-strategy firm returned just 0.7% through September, with fixed-income and macro losses offsetting equity profitability, according to a person familiar with the performance.
Summary
Balyasny Asset Management has promoted portfolio manager Ilan Weiss to global co-head of equities, elevating one of the multi-strategy hedge fund's strongest-performing stock pickers to help oversee its largest investment strategy, according to a report by Bloomberg. The report cites an internal memo sent to employees on Monday stating that Weiss will run the equities business alongside founder Dmitry Balyasny. The firm said in the memo that Weiss's team has generated the highest profits among Balyasny's equity teams since he became a portfolio manager. The promotion will allow Weiss to devote his full attention to managing the firm's global equities operation, according to Balyasny.
The equities strategy has remained profitable this year, according to a person familiar with its performance, providing an important source of gains for the $37bn firm at a time when other parts of the portfolio have struggled. Fixed-income and macro businesses have recorded losses this year, contributing to a return of just 0.7% through September, according to the same person. That performance has left the firm well behind several of its largest multi-strategy peers.
Equities represents about 35% of Balyasny's gross capital and encompasses almost 100 portfolio managers across three divisions, underscoring the strategy's importance to overall performance. The leadership change comes three years after Balyasny assumed direct responsibility for the firm's equities investment platform in an effort to improve returns. Founder Dmitry Balyasny led that effort with support from a committee of senior stock pickers, of which Weiss was a member.
Weiss joined Balyasny in 2022 through its Anthem programme, which is designed to develop analysts into portfolio managers. He has also served as co-head of the programme while running his own investment team.
The equities strategy has remained profitable this year, according to a person familiar with its performance, providing an important source of gains for the $37bn firm at a time when other parts of the portfolio have struggled. Fixed-income and macro businesses have recorded losses this year, contributing to a return of just 0.7% through September, according to the same person. That performance has left the firm well behind several of its largest multi-strategy peers.
Equities represents about 35% of Balyasny's gross capital and encompasses almost 100 portfolio managers across three divisions, underscoring the strategy's importance to overall performance. The leadership change comes three years after Balyasny assumed direct responsibility for the firm's equities investment platform in an effort to improve returns. Founder Dmitry Balyasny led that effort with support from a committee of senior stock pickers, of which Weiss was a member.
Weiss joined Balyasny in 2022 through its Anthem programme, which is designed to develop analysts into portfolio managers. He has also served as co-head of the programme while running his own investment team.
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