Balyasny Asset Management
Chicago-based hedge fund
Balyasny Asset Management (BAM) is an American investment management firm headquartered in Chicago, with additional offices in Canada, Europe and Asia.
History
Balyasny Asset Management was founded in 2001 in Chicago by Dmitry Balyasny, Scott Schroeder and Taylor O'Malley. As of the end of 2024, 40-50% of the firm's risk was in equities.
The firm named its flagship hedge fund "Atlas Enhanced," after the pro-capitalist book Atlas Shrugged by Ayn Rand.
In November 2009, Balyasny Asset Management ran an internal investigation focused on a former analyst at the firm who was suspected of passing on insider information about EMC Corporation to a hedge fund manager who pleaded guilty in the Galleon Group case. The firm sent a letter to investors reassuring them that no improper activity had been discovered, and that it had decided to close the satellite office and terminate the individual involved. In 2010, it was reported that Balyasny Asset Management had been added to a group of firms being examined in a wide-ranging investigation into insider trading led by the government, relating to the Galleon case.
Mark Adams, an analyst at the firm, was suspected of passing on insider information about EMC Corporation to Steven Fortuna, a money manager who pled guilty in the Galleon Group case.
For the first 16 years since its foundation, it delivered an annualized return of 12%. However, in 2018, the firm experienced unprecedented significant difficulty, posting large performance losses, with its assets under management (AUM) dropping by half from $12 billion to $6 billion and client investors withdrawing their money from the firm.
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