Millennium Poaches Balyasny's Schurr With $100 Million Offer
(Bloomberg) -- Millennium Management hired Steve Schurr, a senior equities manager at Balyasny Asset Management, with a potential payout of more than $100 million.
Schurr, who was Balyasny's senior managing director of fundamental equities, will join Izzy Englander's Millennium after a one-year garden leave, according to people familiar with the matter, who asked not to be identified discussing personnel moves.
Representatives for both firms declined to comment. Schurr, 54, also declined to comment.
Dmitry Balyasny's hedge fund had promoted Schurr to its leadership team in 2023 amid a revamp of the stocks business after global equities head Jeff Runnfeldt exited following lackluster performance.
The firm, which manages about $24 billion, has since added several portfolio managers, offering potential payouts of as much as $50 million.
Such compensation packages are typically paid over several years and are linked to performance and subject to clawbacks. Multimillion-dollar payouts have become more common as multistrategy hedge funds, including Balyasny and bigger rivals Citadel and Millennium, compete for a limited pool of top traders.
Multistrats have soared in popularity as investors seek steady returns regardless of market environment.
Millennium, which manages about $73 billion and rarely posts a losing month, dropped 2% this year through March as President Donald Trump's trade war fueled volatility. Balyasny returned 3.4% this year through Friday.
Several high-profile portfolio managers have changed firms this year, including Joon Park, who ran Millennium-backed Kodai Capital Management and is joining Balyasny. Kodai returned all client capital as part of the move.
Schurr joined Balyasny in 2021 as a portfolio manager and later became a member of its investment committee. He previously worked at Steve Cohen's Point72 Asset Management and Jim Chanos' Kynikos Associates.
More stories like this are available on bloomberg.com
First Published: 30 Apr 2025, 01:41 AM IST
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