Lacklustre performance so far this year at Balyasny Asset Management has prompted Jeff Runnfeldt to quit his role as Global Head of Equities at the multi-strategy major, according to a report by Bloomberg.
The report cites an unnamed investor with knowledge of the matter as confirming that Chief Investment Officer Dmitry Balyasny will take over the role and help build out the senior team.
In a letter to clients sent on Monday, the CIO wrote: “We will use this opportunity to aggressively improve all aspects of the equities franchise and take it to the next level.”
Performance this year has been disappointing at the $20bn Chicago-based firm, which employs about 400 investment professionals across its equities business, with returns totalling just 2% up top the end of August, behind multi-strategy rivals including Citadel and Millennium Management.
