Big pay at Balyasny Asset Management, despite big loss

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Big pay at Balyasny Asset Management, despite big loss

Accounts have been published for Balyasny Europe Asset Management for the year ending December 2018 and they confirm what was known already: Balyasny pays very well indeed. 

Last year, Balyasny spent £50.1m remunerating its 95 UK employees (after deducting social security payments), which amounts to an average payment of £528k ($650k) per head. This is generous, even by hedge fund standards. Balyasny nearly pays as much as Millennium Capital Management's London operation.

Balyasny's generosity in 2018 was all the more startling in light of its not-so-great year. In early December, the fund set about cutting 20% of its staff globally, including 13 investment teams comprising 40 people in total. Many of the cuts included the ex-junior bankers who went through the fund's macro training programme the previous year. Even so, the European office ended the year with three more staff than it began.

Balyasny's European accounts help explain the impetus for the cuts: the fund made an operating loss of £520k in Europe last year, down from a profit of £15.8m the previous year. 

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Photo by Philip Veater on Unsplash

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