Balyasny Asia revenue jumps 82% to record during expansion drive

[HONG KONG] Balyasny Asset Management’s Asia revenue jumped to a record last year as the global multistrategy hedge fund firm expanded its presence in the region, according to a top executive.

Regional revenue rose 82 per cent from a year earlier, said Kevin Byrne, its New York-based chief operating officer, without providing a specific figure. Combined headcount across the firm’s Hong Kong, Singapore and Tokyo offices surged 40 per cent over the last two years to about 250, out of a global total of more than 1,900, he said in an interview.

Dmitry Balyasny’s US$31 billion Chicago-based firm arrived in Asia nearly 20 years ago. It has more than 30 investment teams in the region, about 30 per cent more than a year ago. The company plans to boost the number by a net 10 per cent to 20 per cent over the coming year, he added.

Hedge funds trading with multiple investment teams and strategies have been beefing up their Asia presence. Markets including China, India and Japan have presented a plethora of trading opportunities for those seeking to profit from their divergent economies and policies as well as deepening capital markets.

“Asia is important for us for access to local talent, investors and local markets,” Byrne said. “The diversity of talent and market expertise creates meaningful value for our business.”

Globally, Balyasny has been trying to narrow the gap with bigger rivals Millennium Management, Citadel and Point72 Asset Management. More assets mean greater spending power in the talent war, which in turn enhances their ability to churn out steady returns and attract investors.

The four control US$225 billion of assets, more than half of the US$428 billion estimated by Goldman Sachs Group to be in the hands of multi-manager firms as of August. Assets overseen by Balyasny have grown by nearly 50 per cent since late 2023, after it recovered from a period of subdued returns, investor redemptions and staff cuts.

Last year, it returned 17 per cent, ahead of Citadel and Millennium. About 26 per cent of its 2025 revenue was generated outside the US, Byrne said.

Globally, Balyasny has been on a hiring spree in the last couple of years, spending about 1.5 per cent of its assets a year on recruitment. It has stepped up efforts to pick up the most prized portfolio managers and senior executives. Byrne himself is a former Millennium chief financial officer, who joined during this initiative.

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In Asia, Balyasny last year poached Patrick Yau, one of the largest equity portfolio managers in the regional multimanager hedge fund space, as its Hong Kong office head. It also recruited Ron Choy, a veteran Japan macro portfolio manager previously at Michael Platt’s BlueCrest Capital Management, dangling a potential payout of US$30 million.

Balyasny’s investment staff headcount in Asia has climbed to 130, Byrne said. Several more portfolio managers have been hired and are sitting out their non-compete periods. The three regional offices also house Asia-focused members of pods led by portfolio managers outside the region.

Hong Kong and Singapore are each home to about 60 investment staff. The firm is moving into a new Tokyo office in March that’s three times the size of its current premises. The roughly dozen investment staffers in Tokyo include pods led by three portfolio managers based in the city, as well as local members of teams with managers located elsewhere who also trade the market.

With Yau starting this month, Balyasny’s regional equities business is led by him in Hong Kong, Millennium alumnus Archana Parekh in Singapore and Hisao Tamaue in Tokyo. Jay Hew heads macro investment in the region. All four also manage investment books at the firm. BLOOMBERG