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Balyasny AM reduces workforce amid decline in revenue and profit

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Dmitry Balyasny’s hedge fund, Balyasny Asset Management, has reduced its headcount by nearly 18% to 219 employees by the end of 2023, down from 266 in the previous year, according to a report by Financial News citing the firm’s latest financial reports. 

The hedge fund, which oversees more than $20bn in assets, also cut its staff expenses by 27% last year, with total staff costs, including directors’ remuneration, falling to £226m from £310m in 2022. The highest-paid director at Balyasny received £150,651, a sharp decrease from £7.1m the prior year. 

 Revenue for Balyasny in 2023 was £351m, a decline from £378m in 2022. The firm’s profit plummeted from £21m to £3.6m during the same period. 

This downturn follows a period of significant growth in 2022, when Balyasny expanded its team from 158 to 266 employees, a nearly 70% increase, and saw profit soar by over 400%.  

In 2023, Balyasny faced challenging returns, achieving a modest gain of 2.4% as losses from equity bets overshadowed gains in commodities, Bloomberg reported. On average, hedge funds gained over 8% in 2023, based on data from research firm HFR. 

Brevan Howard is also planning to reduce its number of traders by roughly 10% following a year of underperformance. Bloomberg reported that the hedge fund’s $12bn flagship Master fund lost 2.1% last year and is down approximately 2.4% so far in 2024. 

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