A number of big-name hedge fund firms, including Balyasny Asset Management and Millennium Management, have parted company with metals traders after the price volatility that drew new money into the sector over the past two years dissipated leaving markets more settled, according to a report by Bloomberg.
A number of big-name hedge fund firms, including Balyasny Asset Management and Millennium Management, have parted company with metals traders after the price volatility that drew new money into the sector over the past two years dissipated leaving markets more settled, according to a report by Bloomberg.
The report cites unnamed sources familiar with the matter as confirming that most of the employees involved joined the firms in the past two years, as funds bolstered their metals-trading operations to tap into opportunities arising from market volatility in the post-Covid lockdown era.
Balyasny traders Juan Carlos Rasco and Joel Adams – previously a senior copper trader at Glencore – have left the firm, according to Bloomberg’s sources, while Millennium has seen portfolio managers Benjamin Wright and Geoffrey Fila depart.
And at family office BlueCrest, the aptly named Brandon Rust has left to take up the position of portfolio manager in commodities for Capstone Investment Advisors.
Balyasny is still hiring though: Wei Jie Tan – a former Cargill Inc trader – will join the firm in Singapore later this year, according to Bloomberg’s sources.
