"In the unrelenting talent war of the $5 trillion hedge fund industry, top recruiters have become coveted assets, commanding multimillion-dollar compensation packages at the sprawling multistrategy giants that have come to dominate the space. The thirst for business development executives who can move the needle in vetting and recruiting top portfolio managers and researchers has led to churn at every major multimanager hedge fund."
"The most recent departure came last week when Ansh Kalra, the head of BD in Citadel's Global Quantitative Services division, resigned to join rival Balyasny Asset Management. Kalra, 34, worked at third-party recruiting firms before joining Citadel in March 2020. He'd considered leaving previously only to be convinced by the fund to stay, two people familiar with the matter said."
"But Kalra is just the latest, adding to a handful of senior departures in the firm's equities divisions: Mark Hansen, head of Surveyor Capital BD, left last month Derek Maltz, who worked in Surveyor with Hansen, recently left Alex Topkins, head of BD for the Global Equities unit, left in April Evan Anger, deputy head of equities BD, left in January Katelyn Nutter, who reported to Anger and ran central equities BD, also left in April"
The $5 trillion hedge fund industry is engaged in an intense talent war for top business-development recruiters, who now command multimillion-dollar compensation. Demand centers on executives able to vet and recruit leading portfolio managers and researchers, driving churn across multimanager funds. Citadel has experienced a string of departures in its BD ranks over the past year, including Ansh Kalra leaving to join Balyasny and multiple senior exits within its equities divisions. Many departing BD executives have prior recruiting backgrounds, and some face contractual noncompetes before beginning new roles at rival firms.
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