Balyasny Asset Management LP
Balyasny Asset Management LP & Barry Colbin
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Balyasny Asset Management LP recruited more than 30 money managers and analysts from competing hedge funds in the first eight months of the year, exceeding its total for all of 2007.
``We have been aggressively looking for talent, and in a year like this, there are a lot more candidates out there,'' said Barry Colvin, vice chairman of the Chicago-based firm, which oversees $2.5 billion. Hires came from New York-based Satellite Asset Management LP and Magnetar Capital LLC in Chicago, which have both lost money this year.
While more than 200 hedge funds shut down this year, Balyasny, SAC Capital Advisors LLC and Citadel Investment Group LLC are taking advantage of the industry's worst performance in a decade to go on a hiring spree. Hedge funds, diminished by a scarcity of credit and enfeebled stock markets, fell by an average 4.7 percent as of Aug. 28, according to data compiled by HFR inChicago. Sixty-one percent of the 2,795 funds managing more than $100 million that are in New York-based HFN database are losing money in 2008.
Most hedge funds have what are known as high-water marks that prevent them from collecting performance fees, usually 20 percent of investment profits, until they recoup declines from peak fund values. That leaves a shrinking base of management fees, typically 2 percent of assets, to pay employees. Read more...
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Tags: Balyasny Asset Management LP, Barry Colvin, Satellite Asset Management LP, Magnetar Capital LLC, Citadel Investment Group LLC, Hedge Fund Research Inc, New York Hedge fund, Hedge funds in New York