Key Takeaways
- • Jeremy Andre, Balyasny Asset Management's chief quantitative strategist and quant platform lead, departed the firm on October 8, 2019, and immediately joined rival hedge fund Man Group without reported gardening leave restrictions.
- • Andre brings significant quantitative expertise from prior roles as a fund derivatives trader at Goldman Sachs (6.5 years) and a portfolio manager at UBS (2.5 years), plus 2.5+ years at Balyasny since February 2017.
- • The departure occurs amid performance headwinds at Balyasny, which posted a 1.4% loss in September 2019, underscoring broader volatility affecting multi-strategy hedge funds during the period.
- • At Man Group, Andre reports directly to Paul Chambers, Head of Quantitative Investment & Research, signaling the strategic importance of the hire to Man's quantitative capabilities.
- • The move reflects competitive talent dynamics in quantitative finance, with senior quant professionals moving between major asset managers despite regulatory oversight through FCA registration requirements.
Summary
Balyasny Asset Management has lost a senior member of its quantitative research team to competitor Man Group, according to regulatory filings. Jeremy Andre, who served as the firm's quant platform lead, terminated his employment on October 8, 2019, and promptly joined Man GLG as a member of its quantitative investment division.
Andre's recruitment represents a notable talent acquisition for Man Group during a period of competitive pressure in the hedge fund industry. His background spans major financial institutions: he spent six and a half years at Goldman Sachs in a fund derivatives trading role, followed by two and a half years at UBS, before joining Balyasny in February 2017. At Man Group, he will report to Paul Chambers, the firm's Head of Quantitative Investment & Research, positioning him within the organization's core quantitative strategy function.
The departure from Balyasny comes as the Chicago-based multi-strategy hedge fund navigated challenging market conditions in late 2019. The fund posted a 1.4% loss in September, reflecting the broader volatility affecting multi-strategy platforms during the period. The timing of Andre's exit—without apparent restrictions on his competitive activities—suggests a clean separation, an unusual circumstance for senior quantitative professionals typically subject to extended notice periods or non-compete restrictions in hedge fund employment.
Balyasny, founded in 2001 by Dmitry Balyasny and others, has maintained significant investment in quantitative and technology hiring capabilities across its operations, particularly in its London office. The loss of a senior quant platform lead during a period of market uncertainty underscores the competitive dynamics for talent in quantitative finance, where specialized expertise commands premium compensation and mobility across firms.
Andre's recruitment represents a notable talent acquisition for Man Group during a period of competitive pressure in the hedge fund industry. His background spans major financial institutions: he spent six and a half years at Goldman Sachs in a fund derivatives trading role, followed by two and a half years at UBS, before joining Balyasny in February 2017. At Man Group, he will report to Paul Chambers, the firm's Head of Quantitative Investment & Research, positioning him within the organization's core quantitative strategy function.
The departure from Balyasny comes as the Chicago-based multi-strategy hedge fund navigated challenging market conditions in late 2019. The fund posted a 1.4% loss in September, reflecting the broader volatility affecting multi-strategy platforms during the period. The timing of Andre's exit—without apparent restrictions on his competitive activities—suggests a clean separation, an unusual circumstance for senior quantitative professionals typically subject to extended notice periods or non-compete restrictions in hedge fund employment.
Balyasny, founded in 2001 by Dmitry Balyasny and others, has maintained significant investment in quantitative and technology hiring capabilities across its operations, particularly in its London office. The loss of a senior quant platform lead during a period of market uncertainty underscores the competitive dynamics for talent in quantitative finance, where specialized expertise commands premium compensation and mobility across firms.
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