Balyasny Asset Management has hired Daniel Chen from BlackRock to lead a new team specialising in US investment-grade corporate credit, according to a report by Bloomberg citing an unnamed person familiar with the move.

Chen joined the multi-strategy hedge fund last week, following almost 30 years at BlackRock. He most recently served as co-head of the asset manager’s US fundamental investment-grade credit platform and as a lead portfolio manager. He left BlackRock in January.

Balyasny reportedly declined to comment, while BlackRock reportedly did not immediately respond to a request for comment.

Chen is expected to expand the new operation by hiring three or four additional staff, including traders and analysts, the person said. The team will trade both long and short positions in US high-grade corporate bonds and pursue relative-value opportunities, according to the source.

Balyasny, founded by Dmitry Balyasny, operates a multi-strategy investment platform spanning equities, macro, credit and other strategies. The firm manages about $38bn in assets, according to its website.