Balyasny Asset Management has terminated its $250m managed account with Franck Tuil’s activist hedge fund, Sparta Capital Management, within a year of initially backing the former Elliott Investment Management trader, according to a report by Bloomberg.
Sparta Capital Management reported an 8% decline in Q1 2024, largely due to unfavourable bets on Grifols and John Wood Group shares. This loss erased much of the 10% gains Sparta achieved last year, as well as the modest returns achieved in the previous two years.
Franck Tuil launched Sparta Capital Management in 2021 after a two-decade career at Elliott, where he oversaw the acquisition of football club AC Milan as well as campaigns at companies like Pernod Ricard, Bayer and Uniper.
