Key Takeaways
- • Dan Avery, 35-year-old partner at Millennium Management's London office, has joined Balyasny Asset Management to establish and lead a delta one trading team, marking a significant talent acquisition in the multistrategy hedge fund sector.
- • Avery, who achieved managing director status at Goldman Sachs at age 28 (2015) before joining Millennium in October 2020, is estimated to have commanded compensation of up to $25 million to facilitate the move.
- • At Millennium, Avery managed approximately $1 billion in assets and is expected to build out a team at Balyasny, indicating a structured expansion rather than a solo hire.
- • Balyasny's recruitment of Avery reflects the firm's strategic response to comparatively weak performance in 2023, as the multistrategy platform continues adding senior portfolio managers and recently promoted new partners.
- • The move underscores ongoing competition among premier hedge funds for proven talent, particularly those with established track records at both bulge-bracket investment banks and leading alternative investment managers.
Summary
Balyasny Asset Management has recruited Dan Avery, a recently promoted partner at Millennium Management's London office, to establish a delta one trading team. Avery, 35, joins the multistrategy hedge fund from Millennium, where he operated as a senior portfolio manager.
Avery's career trajectory demonstrates sustained success across institutional finance platforms. He achieved managing director status at Goldman Sachs at age 28 in 2015, an accelerated advancement in banking hierarchy. He subsequently joined Millennium Management in October 2020, where he managed approximately $1 billion in assets and earned partnership status. Sources indicate Avery received compensation estimated at up to $25 million to facilitate the transition to Balyasny, a figure reflective of both his track record and the competitive compensation environment among top-tier hedge funds.
The hire represents part of Balyasny's broader recruitment strategy following 2023 performance challenges. The firm has actively expanded its portfolio manager roster and recently promoted new partners, signaling a deliberate effort to strengthen investment capabilities across its multistrategy platform. Avery is expected to build out his team at Balyasny rather than operate in isolation, suggesting the firm views delta one trading as a growth priority.
Neither Balyasny, Millennium, nor Avery provided comment regarding the appointment or the rationale underlying the move. Sources indicated the transition was not performance-driven at Millennium, suggesting the decision reflects strategic career positioning or structural opportunities at Balyasny. The recruitment exemplifies the ongoing talent migration among leading hedge funds, where senior portfolio managers with Goldman Sachs experience and multibillion-dollar asset management backgrounds command substantial packages to lead new or expanded business lines.
Avery's career trajectory demonstrates sustained success across institutional finance platforms. He achieved managing director status at Goldman Sachs at age 28 in 2015, an accelerated advancement in banking hierarchy. He subsequently joined Millennium Management in October 2020, where he managed approximately $1 billion in assets and earned partnership status. Sources indicate Avery received compensation estimated at up to $25 million to facilitate the transition to Balyasny, a figure reflective of both his track record and the competitive compensation environment among top-tier hedge funds.
The hire represents part of Balyasny's broader recruitment strategy following 2023 performance challenges. The firm has actively expanded its portfolio manager roster and recently promoted new partners, signaling a deliberate effort to strengthen investment capabilities across its multistrategy platform. Avery is expected to build out his team at Balyasny rather than operate in isolation, suggesting the firm views delta one trading as a growth priority.
Neither Balyasny, Millennium, nor Avery provided comment regarding the appointment or the rationale underlying the move. Sources indicated the transition was not performance-driven at Millennium, suggesting the decision reflects strategic career positioning or structural opportunities at Balyasny. The recruitment exemplifies the ongoing talent migration among leading hedge funds, where senior portfolio managers with Goldman Sachs experience and multibillion-dollar asset management backgrounds command substantial packages to lead new or expanded business lines.
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