Finance

A handful of PMs have exited $20 billion Balyasny following departure of global equities head

By Alex Morrell
Dmitry Balyasny square
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A handful of long-short equities portfolio managers have departed $20 billion Balyasny Asset Management, which parted ways with its global equities chief in October.

Four stock-pickers have recently left the fund, according to people familiar with the matter, including TMT investor Rob Bevegni, consumer PMs Jeff Russel and Matthew Gardner, and healthcare PM Chris Kuehnle.

A Balyasny spokesman declined to comment.

Balyasny gained 0.05% in October in its Atlas Enhanced fund, which is now up 2.8% for the year, according to people familiar with the figures.

The fund has underperformed its multi-strategy hedge fund peers in 2023, and its equities business has been a sore spot. A batch of long-short PMs left in early August, and global equities head Jeffrey Runnfeldt left at the beginning of October.

No replacement was announced, and founder and CIO Dmitry Balyasny has taken over leadership of the group.

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Alex Morrell
Alex Morrell was a senior correspondent at Business Insider covering Wall Street at large.Prior to Insider he was a staff reporter at Forbes Magazine covering billionaires and their businesses. He's previously written and worked for the Associated Press, the Green Bay Press-Gazette, the Milwaukee Journal Sentinel, and the Wisconsin Center for Investigative Journalism. He's a graduate of the University of Wisconsin and holds a master's in business and economic journalism from Columbia University. Selected recent stories:How our insatiable appetite for electricity is giving rise to traders who make money from power-grid bottlenecksBehind a Wall Street headhunter's rapid ascent lie accusations of harassment and abuseSchonfeld's growing pains: Ryan Tolkin reckons with his greatest challenge yet as returns dry up at the $13 billion hedge fundHow a California hedge fund bulldozed the state's labor laws to impose some of the harshest noncompetes on Wall StreetFear and loathing on Wall Street: Inside the paranoid, hyper-competitive onslaught to prevent quant traders from defecting to rivalsMillennium has quietly minted billions off of America's passive-investing craze. Now rivals are racing to catch up.The bubble has popped on the mighty index-rebalance trade, and the overcrowded strategy is wreaking carnage across hedge fundsInside the rapid rise and fall of Coatue's quant fund: How a 23-year-old Wharton wunderkind seized power, alienated employees, and blew a $350 million opportunityFor years, Chase and Citi credit cards offered a generous, under-the-radar benefit that protected customers. And then the bots arrived.
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