(Bloomberg) – Millennium Management hires Steve Schurr, senior equity manager at Balyasny Asset Management, whose potential spends more than $100 million.
Schurr, senior managing director of basic stocks at Balyasny, will join Izzy Englander’s Millennium after a year of garden holidays, and according to people familiar with the matter, they requested no determinant of discussing personnel actions.
Representatives of both companies declined to comment. Schurr, 54, also declined to comment.
Dmitry Balyasny’s ​​hedge fund promoted Schurr to the leadership team in 2023 after the exit of global equity head Jeff Runnfeldt, after the stock business was revamped.
The company manages about $24 billion and has since added several portfolio managers to provide potential spending up to $50 million.
Such compensation packages are usually paid within a few years and are related to performance and affected by kickbacks. With Balyasny and larger rivals Citadel and Millennium, millions of dollars spending has become increasingly common, competing for limited top traders.
As investors seek stable returns, leapfrog numbers are becoming popular regardless of the market environment.
The millennium managed about $73 billion, rarely publishing a month of millennium, and fell 2% this March as President Donald Trump’s trade war exacerbated volatility. Balyasny returned 3.4% this year as of Friday.
Several high-profile portfolio managers including Millennium support for Kodai Capital Management and joining Balyasny have transformed the company this year, including Joon Park. Kodai returned all customer capital as part of the move.
Schurr joined Balyasny in 2021 as a portfolio manager and later became a member of his investment committee. He previously worked at Steve Cohen’s Point72 Asset Management and Jim Chanos’ Kynikos Associates.
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