Thursday, 25 August 2016
Last updated 11 hours ago
Dec 30 2010 | 12:57pm ET
Three of the five former Stark Investments partners who left the hedge fund in June over disagreements about its future have landed at Balyasny Asset Management.
Former Stark President and Chief Operating Officer Colin Lancaster and former global macro co-head Ashok Bhatia headline the new arrivals at New York-based Balyasny. Bhatia's three-member team, which also includes former co-head of distressed investments Robert Dishner and former global macro team member Owen Walsh, are charged with building up Balyasny's global macro effort, Financial News reports.
All four will join Balyasny early next year, the firm told investors in a letter.
Balyasny has done little with global macro since spinning off Comac Capital, led by former top global macro trader Colm O'Shea, four years ago. Bhatia's team will be seeded with $250 million from Balyasny and will consider launching a separate fund in the second or third quarter. The team will also manage between 10% and 25% of Balyasny's multi-strategy fund.
"Ashok's strategy emphasizes a research-intensive, discretionary process which is designed to identify high-conviction macroeconomic themes," Balyasny said in the letter.
Lancaster will become a senior managing director at Balyasny, and in addition to focusing on the "build out of the macro strategy" will have other "executive" responsibilities.