Balyasny hiked pay in London after cutting staff

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Balyasny hiked pay in London after cutting staff

Accounts have been published for Balyasny Europe Asset Management for the year ending December 2019 and they confirm what was known already: Balyasny pays very well indeed. 

Last year, Balyasny spent £58m remunerating its 90 UK employees (after deducting social security payments), which amounts to an average payment of £641k ($840k) per head. This is generous, even by hedge fund standards. - Balyasny seemingly pays more than Millennium's London operations. 

Balyasny's 2019 generosity came after it generated a profit of nearly £1m for distribution between members (partners) following a loss of £519k the year before. In early December 2018 the fund set about cutting 20% of its staff globally, including 13 investment teams comprising 40 people in total. Many of the cuts included the ex-junior bankers who went through the fund's macro training programme the previous year. Cuts in London seem to have been minimal though - headcount went from 95 in 2018 to 90 last year.

Alongside its higher average pay per head in 2019, Balyasny also reformed its bonus system. Prior to 2019 it paid bonuses on a three year deferral plan, with the entirety of the payment being made in the third year. Subsequent to 2019, bonuses are payable one third on each anniversary after the award date, so employees get their higher allocations sooner. 

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Photo by Philip Veater on Unsplash

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