Hedge Fund Balyasny Bans Hiring From Griffin’s Citadel Unit
Per Bloomberg this morning. Any idea/color on why?
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Dimitry Balyasny wrote an email called "Adapt or Die" to his employees blaming them for the hedge fund's poor performance, which he said "sucked". Ken Griffin obtained this email and showed it to his employees as an example of bad corporate culture. So there's been beef between these two for a while.
This is a complete guess: maybe they just did hire someone from Citadel and that person had signed a non-solicitation agreement with Citadel. If that were the case and they don't want to violate that previous agreement, then they would have to at least temporarily change their hiring practices.
This is pretty much close to the truth for anyone who has worked in MM world. The more direct you make the poaching from one another the more trouble gonna find.
This only applies to the credit business. Equity pods will continue to poach.
Bump
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