Dimitry Balyasny, founder of global multi-strategy hedge fund firm Balyasny Asset Manager, believes that with costs for traders soaring, managers need to both “buy and build” talent as they look to expand their businesses, according to a report by Bloomberg.
The report quotes Balyasny as saying at the Capitalize for Kids Investors Conference in Toronto on Thursday that while developing internal talent is critical, it’s not enough for firms looking to grow in a meaningful way.
Balyasny said that without bringing in external teams, “you can’t get enough experienced people, and you certainly can’t expand into new areas where you previously didn’t have the expertise”.
Balyasny also highlighted that while the cost of acquiring talent has increased in dollar terms, it has accounted for the same percentage of the firm’s assets over time, especially for large multi-strats, which have seen a huge influx of investor cash in recent years.
