Balyasny Asset Management is preparing to establish a presence in Zug, Switzerland, adding to a growing concentration of international hedge fund firms in the country’s low-tax financial centres, according to a report by Bloomberg.
The Chicago-based multi-strategy manager, which oversees approximately $38bn in assets, is advertising commodities-focused positions that list Zug among potential locations, alongside other analyst vacancies, according to its recruitment website.
The firm, co-founded by billionaire Dmitry Balyasny, already operates in Geneva as part of a global network spanning more than a dozen locations. It is also awaiting regulatory approval for a licence to conduct business in Zug, according to a person familiar with the matter.
Balyasny reportedly did not comment on its plans.
Zug has long attracted financial and commodities businesses because of its favourable corporate-tax environment. The canton is home to major trading groups, including Glencore, and has increasingly drawn interest from alternative investment managers seeking to establish or expand Swiss operations.
Balyasny’s proposed expansion comes amid a wider increase in hedge fund activity in Switzerland. Capula Investment Management established a branch in Zug earlier this year, while New York-based Schonfeld Strategic Advisors is reportedly planning to open a Zurich office later in 2026.
Millennium Management already maintains offices in both Geneva and Zug. Brevan Howard Asset Management and Taula Capital Management, founded by Diego Megia, also have operations in Geneva.
