Balyasny, the $21 billion multistrategy hedge fund, is shutting down its Madrid office, resulting in the departure of its only portfolio manager, Ignacio Perez-Cossio, and his team of three analysts. The firm, which has undergone significant changes in its stock-picking unit over the past year and a half, continues to thrive in London and operates smaller offices in Denmark and Poland. Balyasny has reported substantial returns, outperforming rivals like Citadel and Millennium, boasting a 13.6% gain in 2024 and a 3.5% increase in early 2025.
Balyasny has closed its Madrid office, cutting its only portfolio manager and three analysts, while maintaining a strong presence in London and other locations.
Despite the closure in Madrid, Balyasny has established a significant foothold in London, where many US funds concentrate their investments, along with offices in Denmark and Poland.
The hedge fund has experienced notable returns, achieving 13.6% in 2024 and 3.5% through the first two months of 2025, outperforming competitors.
Ignacio Perez-Cossio, who was Balyasny’s sole portfolio manager in Spain, joined the firm in 2023 after a background in energy-and-infrastructure-focused investing.
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