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May 22, 2024
PI Global Investments
Hedge Funds

Jain, Balyasny add new staff to kick off New Year

If you thought a tough economy meant that financial services firms were hesitant to add staff, you’d (mostly) be right. But there’s one part of the industry happy to add people even now – hedge funds.

Jain Global, former Millennium co-CIO Bobby Jain’s much anticipated hedge fund launch of the year, picked up Adil Hayat. Hayat, a Morgan Stanley quant (and executive director) joined the fund, which will launch in July this year, as a quantitative researcher in its New York office.

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Balyasny has also added two MDs to its repertoire. Both are in business development, a type of glorified executive search role which entails hunting portfolio manager talent and coordinating with capital raising. The MDs are David Matz and Daniel Anzalone, who both joined in New York. Matz joined the hedge fund from Smith Hanley Associates, a New York executive search firm, where he spent 13 years. Anzalone joined Balyasny from BlueCrest, the “family office” of Mike Platt, where he spent 5 years – after 11 at UBS.

Balyasny had a torrid 2023, returning just 2.7% over the course of the year (well behind both the S&P 500 and its multi-strategy rivals) – and one single trader in London made a $100m loss over the course of the year.

Jain Global doesn’t seem to be doing much better, even if it hasn’t launched yet. What was planned to be the biggest hedge fund launch in history with $8bn to $10bn in AUM has been reeled in to “just” $5bn to $6bn, the FT reported. That’s despite the firm offering pretty huge discounts to investors that pledge assets to the firm – with those bringing in at least $250m being offered a perpetual 10% management fee, half of the industry standard.

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