Balyasny Asset Management has hit a rough patch lately. This rough patch is called Dmitry Balyasny, the firm’s founder, and his best ideas, which—while they may have been his best ideas—were really pretty bad. But he can hardly fire himself; after all, the firm is called Balyasny Asset Management. So he’s gonna fire some other people. Quite a lot of other people, in fact.
Dmitry Balyasny is cutting at least 125 people from his hedge fund firm, about one-fifth of the total, as losses and client withdrawals erased $4 billion in assets.
The firm eliminated 13 stock teams, accounting for about 40 investment professionals, said people familiar with the firm. It plans to reduce the balance of employees from the back office before the end of the year.