If you're looking for a contracting role, you could always try a hedge fund. Balyasny Asset Management, the multi-strategy fund which cut 20% of its staff in 2018 and has subsequently gained 10% in 2019 through to July, is among those availing itself of contract staff. It just parted company with one contractor who had a curious job title.
Insiders say Scott Miller, who was working in 'Idea Liason' at Balyasny in San Francisco, according to his LinkedIn profile, has left the fund. Balyasny declined to comment, but Miller's three-month contract was understood to be at an end.
Miller has a history in hedge funds and banks and doesn't appear to have had a gig so short in the past. Before Balyasny he was the MD of West Coast equity sales for Credit Suisse for two years and the COO for Ravelin Capital, a SF-based division of Citadel. Prior to that, he spent 15 years at Credit Suisse in San Francisco, latterly as the branch manager.
Miller's in and out relationship with hedge funds suggests that leaving banking for a fund isn't necessarily straightforward. Nowadays it might be more a question of leaving banking for the precarity of a brief contract that could be over shortly after it begins.
Some hedge funds have long been known to buy-in trading ideas on a freelance basis. At Balyasny, Miller wasn't doing this. His LinkedIn profile says he was working, 'closely with our investment teams, our director of research, and our founder to help identify our most differentiated and actionable ideas.'
Presumably Miller won't be constrained by hedge funds' notorious non-competes after working at Balyasny for so short a period, even though he was presumably party to confidential information whilst at the fund.
Photo by Garth Pratt on Unsplash
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