Millennium Management has recruited Steve Schurr, a senior equities executive from rival Balyasny Asset Management, with a potential compensation package exceeding $100m, according to a report by Bloomberg citing unnamed sources familiar with the matter.
Schurr, 54, will join Izzy Englander’s $73bn multi-strategy powerhouse following a year of gardening leave. Neither firm has officially commented, and Schurr also declined to respond to media inquiries.
Schurr most recently held the role of Senior Managing Director of Fundamental Equities at Balyasny and was promoted to the firm’s leadership team in 2023, following the departure of global equities head Jeff Runnfeldt. His exit comes as Balyasny continues to revamp its equities division and aggressively expand its trading bench.
Balyasny, which oversees approximately $24bn in assets, has responded to growing competition for top-tier talent by offering high-performance incentives – some reaching up to $50m. These multi-year compensation structures are often tied to performance metrics and include clawback provisions, making them both lucrative and high-stakes.
While Millennium is known for its consistency, the firm posted a 2% decline through March, hit by the volatility from renewed US-China trade tensions. In contrast, Balyasny delivered a 3.4% gain year-to-date up to late April. By comparison, the broader hedge fund industry lost 0.65% in Q1, according to Bloomberg data.
Schurr joined Balyasny in 2021 as a portfolio manager and quickly rose through the ranks. His career includes prior roles at Point72 Asset Management and Kynikos Associates, giving him a pedigree that aligns with the multi-PM platforms’ current recruitment focus.
