Hedge funds Millennium and Balyasny both cut senior portfolio managers in Asia
Two major hedge funds have cut portfolio managers in Asia.
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Millennium is understood to have cut Zachary Corones, a Hong Kong-based former MD and head of central risk and alpha strategies at Citi, whom it hired in January 2021. Three members of Corones' pod are also thought to have gone.
Balyasny Asset Management is understood to have cut Mark Cox, a portfolio manager running a relative value strategy, who'd been there for 10 years.
Both funds declined to comment.
The cuts come as major multistrategy hedge funds are increasingly seen as somewhat precarious places to work. Millennium also said goodbye to three energy trading professionals and an analyst yesterday, albeit in the US instead of Asia.
Balyasny's Asia business has been subject to changes after Archana Parekh, its star hire from Millennium was moved into a role overseeing the equities business. Sources highlight various recent exits from the fund's Asia investment team, including Michael Zhu and an analyst and senior associate who left in July, and portfolio manager Saurabh Katyal, who left for Millennium in April.
Arnab Nandi, another portfolio manager at Balyasny, is understood to have left for Citadel, where he'll join the fundamental equities team in Singapore in December.
US multistrategy hedge funds have been growing their Asian presence. Citadel, for example, now has 200 employees in Asia, spread between Hong Kong, Singapore and a newly acquired power trading team in Japan. Balyasny has 200 staff in Asia too.
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