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Balyasny’s new business prefers hiring from other hedge funds

Hedge funds are hiring. And even though they like to hire from banks, some are still overwhelmingly interested in people who’ve worked at other hedge funds.

Take Corbets Capital. The division was launched in 2022 as an extension of Balyasny Asset Management - and Bloomberg reported that Corbets intended to have 20 teams, each led by a Portfolio Manager (PM), at some point in 2023. 

So far, it seems that Corbets has 13 PMs, oh which we've found eight: Justin Rowley, Jamie Michaelson, Bryan Bartlett, Matthew Ostendorf, Jason Dailey, Robert Ax, David Scenna, and Todd Dashefsky. Only two of those came directly from Balyasny; that’s as many as came directly from fellow hedge funds Point72 and Citadel. However, five of the new hires have been at Citadel at one point in their careers, and three at Point72. 

Corbets is headed up by Thomas Stephens. Stephens, who was previously at Citadel and Millennium, had only been at Balyasny for some three and a half years before setting up Corbets. He was Balyasny’s associate director of research before heading up the business.

Corbets is an equities fund. Bloomberg says it will “be measured by the same metrics as the fund’s current long-short teams.” It’s unclear how much it has under management, however.

If you were curious about the name, Corbets is named after the iconic Corbet’s Couloir ski piste in Wyoming. The eponym says the run “requires expert navigation, and is an appropriate and inspiring analogy for trading and risk management.” If you’re reading this in Europe, think Tortin. Despite the name, Corbets has no footprint in Wyoming – but it does have offices in New York, Greenwich, and Houston.

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AUTHORZeno Toulon

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