Key Takeaways
- • Balyasny Asset Management recruited at least six portfolio managers during July 2024, including systematic macro, healthcare, event-driven, and cross-asset specialists from established firms including Kepos Capital, Schonfeld, Goldman Sachs, and Segantii Capital.
- • New PM hires span multiple geographies: two joined in New York (Alex Takata from Kepos Capital; David Lohman from Schonfeld), one in London (George Tyrrell from Goldman Sachs), one in Singapore (Elton Ma from AgroCorp International), one in Denmark (Thomas Bang from Centrica), and additional junior and technology talent in Connecticut and New York.
- • The hiring surge follows weak first-half 2024 performance: Balyasny returned 5.5% in H1, underperforming peers including Millennium (6.9%) and trailing significantly behind ExodusPoint (3%), suggesting aggressive talent acquisition as a performance recovery strategy.
- • Balyasny simultaneously cut at least one senior position—merger arbitrage PM Adam Schwartz—reportedly due to underperformance, indicating selective portfolio restructuring alongside net hiring expansion.
- • The recruitment activity reflects intensifying competition for investment talent in the hedge fund sector, with Balyasny and rivals aggressively poaching senior managers and specialists as firms compete on asset management performance.
Summary
Balyasny Asset Management executed an aggressive portfolio manager recruitment campaign in July 2024, bringing on at least six investment professionals across multiple offices and specializations. The hiring push signals the $23 billion multi-strategy fund's effort to rebuild investment capacity and performance following a lackluster first half.
Among the notable appointments, Alex Takata joined the New York office as a systematic macro portfolio manager, transitioning from Kepos Capital, the hedge fund founded by former Goldman Sachs partner Mark Carhart. David Lohman, a healthcare-focused PM, also joined Balyasny's New York team following five years at Schonfeld. In London, George Tyrrell, who spent the previous five years as a UK gilts trading executive director at Goldman Sachs and a decade prior as a trader at Lloyds Banking Group, commenced his role at Balyasny. Event-driven PM Narvir Sidhu joined from the London office of Segantii Capital, the Hong Kong hedge fund in the process of winding down operations.
Geographic diversification of hires extended to Asia and Europe. Elton Ma joined Balyasny's Singapore office as a cross-asset strategies portfolio manager, arriving from AgroCorp International where he served as head of cross-asset strategies. Thomas Bang, hired for Balyasny's Denmark operation, brought commodities trading experience as the former head of trading and new markets at renewable energy trading company Centrica. The recruitment initiative also included junior investment talent and technology specialists: Andrew Han joined Connecticut as an associate-PM from Schonfeld, while Eliza McDonald, the former head of technology for Squarepoint Capital's proprietary trading group STG, was hired as a lead engineer in New York.
The hiring acceleration occurs amid reported underperformance pressures. Bloomberg reported that Balyasny delivered a 5.5% return in the first half of 2024, lagging peers such as Millennium, which returned 6.9%, while ExodusPoint significantly underperformed at 3%. Concurrent with the PM recruitment push, Balyasny cut merger arbitrage portfolio manager Adam Schwartz, reportedly attributed to poor performance, indicating selective portfolio restructuring alongside talent expansion efforts.
Balyasny declined to comment on the hiring activity. The recruitment pattern reflects broader competitive dynamics in alternative asset management, where firms are deploying significant resources to attract senior investment talent amid performance volatility in 2024.
Among the notable appointments, Alex Takata joined the New York office as a systematic macro portfolio manager, transitioning from Kepos Capital, the hedge fund founded by former Goldman Sachs partner Mark Carhart. David Lohman, a healthcare-focused PM, also joined Balyasny's New York team following five years at Schonfeld. In London, George Tyrrell, who spent the previous five years as a UK gilts trading executive director at Goldman Sachs and a decade prior as a trader at Lloyds Banking Group, commenced his role at Balyasny. Event-driven PM Narvir Sidhu joined from the London office of Segantii Capital, the Hong Kong hedge fund in the process of winding down operations.
Geographic diversification of hires extended to Asia and Europe. Elton Ma joined Balyasny's Singapore office as a cross-asset strategies portfolio manager, arriving from AgroCorp International where he served as head of cross-asset strategies. Thomas Bang, hired for Balyasny's Denmark operation, brought commodities trading experience as the former head of trading and new markets at renewable energy trading company Centrica. The recruitment initiative also included junior investment talent and technology specialists: Andrew Han joined Connecticut as an associate-PM from Schonfeld, while Eliza McDonald, the former head of technology for Squarepoint Capital's proprietary trading group STG, was hired as a lead engineer in New York.
The hiring acceleration occurs amid reported underperformance pressures. Bloomberg reported that Balyasny delivered a 5.5% return in the first half of 2024, lagging peers such as Millennium, which returned 6.9%, while ExodusPoint significantly underperformed at 3%. Concurrent with the PM recruitment push, Balyasny cut merger arbitrage portfolio manager Adam Schwartz, reportedly attributed to poor performance, indicating selective portfolio restructuring alongside talent expansion efforts.
Balyasny declined to comment on the hiring activity. The recruitment pattern reflects broader competitive dynamics in alternative asset management, where firms are deploying significant resources to attract senior investment talent amid performance volatility in 2024.
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.