Key Takeaways
- • Balyasny Asset Management (BAM), run by billionaire Dmitry Balyasny, reportedly had $200m set aside for new recruits, according to Bloomberg reporting from the prior summer, though it is unclear whether that budget has now been spent.
- • Balyasny told Institutional Investor that BAM wins "recruiting situations with less money," particularly on guarantees and upfront pay, citing its team-building and collaborative culture.
- • Reported recent packages include $30m for Ron Choy, hired from BlueCrest in April, and $50m for Dave Brodsky, hired from Citadel in March after Citadel offered support through a $60m drawdown.
- • BAM's UK accounts for the year ending December 2023 show 219 London employees averaging £883k each in salaries and bonuses, while UK partnership profit shares fell to £4m that year.
- • Market insiders note that BAM's reputation for patience on drawdowns has limits, citing the departure of several portfolio managers in 2023 after a $100m loss.
Summary
Balyasny Asset Management (BAM), the hedge fund run by Dmitry Balyasny, has significant resources for recruiting. Bloomberg reported last summer that the firm had $200m to deploy on new hires. The article notes it is not clear whether that sum has since been spent, but recent comments by Balyasny suggest the budget may stretch further than at rival funds.
In an interview with Institutional Investor, Balyasny said BAM is a good place to work, with people treated well and a collaborative, team-building environment. He said this lets the fund regularly win recruiting contests against competitors offering more money, particularly on guarantees and upfront pay. BAM declined to comment for the eFinancialCareers report, which suggests that some of its large recent packages could have been bigger had candidates gone elsewhere.
The report cites two high-profile hires. Ron Choy joined from BlueCrest in April on a reported package of $30m. In March, Dave Brodsky moved from Citadel on a reported package of $50m, after Citadel had sought to support him through a $60m drawdown. These figures are as reported and have not been confirmed by BAM.
BAM has a reputation for patience with portfolio managers during drawdowns, though that patience has limits. In 2023, several portfolio managers left after the fund lost $100m. Market observers note that hedge funds are generally tolerant until portfolio managers begin to lose money. They also point out that Balyasny said BAM pays less upfront but attracts people who want to become partners, a route that is typically far more lucrative over time.
Pay across the firm varies widely. BAM does not file accounts globally, and its London entity has not filed accounts for some time. The most recent UK accounts, for the year ending December 2023 and filed for Balyasny International Asset Management, show 219 London employees with average salary and bonus pay of £883k. UK partnership profit shares fell to £4m that year.
In an interview with Institutional Investor, Balyasny said BAM is a good place to work, with people treated well and a collaborative, team-building environment. He said this lets the fund regularly win recruiting contests against competitors offering more money, particularly on guarantees and upfront pay. BAM declined to comment for the eFinancialCareers report, which suggests that some of its large recent packages could have been bigger had candidates gone elsewhere.
The report cites two high-profile hires. Ron Choy joined from BlueCrest in April on a reported package of $30m. In March, Dave Brodsky moved from Citadel on a reported package of $50m, after Citadel had sought to support him through a $60m drawdown. These figures are as reported and have not been confirmed by BAM.
BAM has a reputation for patience with portfolio managers during drawdowns, though that patience has limits. In 2023, several portfolio managers left after the fund lost $100m. Market observers note that hedge funds are generally tolerant until portfolio managers begin to lose money. They also point out that Balyasny said BAM pays less upfront but attracts people who want to become partners, a route that is typically far more lucrative over time.
Pay across the firm varies widely. BAM does not file accounts globally, and its London entity has not filed accounts for some time. The most recent UK accounts, for the year ending December 2023 and filed for Balyasny International Asset Management, show 219 London employees with average salary and bonus pay of £883k. UK partnership profit shares fell to £4m that year.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.