Dmitry Balyasny’s hedge fund has cut its 10-person Synthesis team, which uses a mix of quant and fundamental stock-picking techniques and ran a $2.5 billion book of business, sources tell Business Insider.
Synthesis team leader Mike Daylamani is among the cuts – he joined Balyasny in 2018 after spending nearly a decade working for Steve Cohen.
Sources say the cuts are unrelated to a strategy revamp at the firm’s quant unit — which lost its head, Ulrich Brandt-Pollmann, last week.
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It’s only been about a year since Balyansy launched its Synthesis team, but it is already cutting the “quantamental” group, which combined quant and fundamental equity-picking strategies.
The group was run by Mike Daylamani, who was recruited from Steve Cohen’s Point72 last year to head the group. He had nine sector heads underneath him, all of whom were cut this week, sources tell Business Insider.
The sector heads were: Philson Yim; Ed Duggan; Jason Lee; Zach Schmidt; Ryan Molloy; Sudhir Sachdev; Dan Riff; Eugene Lipovetsky; and Andrew Schiffrin. All were recruited to Balyasny roughly a year ago from firms like Caxton Associates, Citadel, Luminus Management, Wellington, and Point72.
Sources say the team ran a $2.5 …read more
Source:: Businessinsider – Finance