Key Takeaways
- • Three named portfolio managers—Gugesh Guganeswaran, Kurt Lichtman, and Matthew Potts—plus at least one analyst have departed Balyasny Asset Management following a volatile November, according to four sources familiar with the matter.
- • Balyasny posted its best month of 2024 in November with a 3.9% gain, driven partly by macro performance following Donald Trump's election victory, yet departures occurred despite this strong performance.
- • The Global Macro Index remains underperforming relative to broader hedge fund returns year-to-date: up 4.5% versus the Composite Hedge Fund Index at 10.4%, reflecting macro strategies' weakness through October before November's market shock.
- • The departing traders bring senior credentials: Potts joined from BlackRock as head of macro strategies; Guganeswaran previously worked at Citadel and Barclays; Lichtman spent nearly a decade at Moore Capital before joining Balyasny in 2021.
- • Balyasny declined to comment on the personnel moves, and the specific reasons for the exits remain unclear despite the firm's continued aggressive talent acquisition throughout 2024.
Summary
Balyasny Asset Management has experienced departures of multiple macro traders in the aftermath of November's volatile global market conditions, according to sources with direct knowledge of the situation. The departing team members include three named portfolio managers—Gugesh Guganeswaran, Kurt Lichtman, and Matthew Potts—alongside at least one analyst. The firm declined to provide commentary on the personnel changes, and the individuals did not respond to outreach attempts.
The timing of these exits presents a notable paradox: November proved to be Balyasny's strongest performing month of 2024, with the firm posting a 3.9% return attributable in part to macro strategy performance, according to a person familiar with the firm. The month's outsized gains stemmed from market dislocations following the Trump election victory, which benefited macro-focused competitors including Discovery Capital, Rokos, and Brevan Howard. Nevertheless, the departures proceeded despite this strong monthly result.
The macro strategy space has underperformed through most of 2024 before November's rebound. The Global Macro Index, tracked by hedge-fund research firm PivotalPath, stands at 4.5% year-to-date, substantially trailing the broader Composite Hedge Fund Index at 10.4%. This performance differential reflects the challenging environment for macro traders through October. The November spike appears insufficient to retain the departing Balyasny personnel, suggesting reasons beyond simple performance-related frustration.
The three named departures carry substantial market credentials. Matthew Potts joined Balyasny in 2020 from BlackRock, where he led macro strategies; he established a semi-systematic emerging-markets exchange-rate trading team in the San Francisco office. Guganeswaran, a senior portfolio manager based in the United Kingdom since 2020, previously held positions at Citadel as a portfolio manager and at Barclays as an FX options trader. Kurt Lichtman, a Miami-based senior portfolio manager, joined in 2021 after nearly a decade at Moore Capital.
Despite these departures, Balyasny has maintained an aggressive posture on talent acquisition throughout 2024, suggesting the firm's overall hiring strategy remains intact even as selected macro personnel exit.
The timing of these exits presents a notable paradox: November proved to be Balyasny's strongest performing month of 2024, with the firm posting a 3.9% return attributable in part to macro strategy performance, according to a person familiar with the firm. The month's outsized gains stemmed from market dislocations following the Trump election victory, which benefited macro-focused competitors including Discovery Capital, Rokos, and Brevan Howard. Nevertheless, the departures proceeded despite this strong monthly result.
The macro strategy space has underperformed through most of 2024 before November's rebound. The Global Macro Index, tracked by hedge-fund research firm PivotalPath, stands at 4.5% year-to-date, substantially trailing the broader Composite Hedge Fund Index at 10.4%. This performance differential reflects the challenging environment for macro traders through October. The November spike appears insufficient to retain the departing Balyasny personnel, suggesting reasons beyond simple performance-related frustration.
The three named departures carry substantial market credentials. Matthew Potts joined Balyasny in 2020 from BlackRock, where he led macro strategies; he established a semi-systematic emerging-markets exchange-rate trading team in the San Francisco office. Guganeswaran, a senior portfolio manager based in the United Kingdom since 2020, previously held positions at Citadel as a portfolio manager and at Barclays as an FX options trader. Kurt Lichtman, a Miami-based senior portfolio manager, joined in 2021 after nearly a decade at Moore Capital.
Despite these departures, Balyasny has maintained an aggressive posture on talent acquisition throughout 2024, suggesting the firm's overall hiring strategy remains intact even as selected macro personnel exit.
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