Hedge fund Balyasny's Abu Dhabi office has its inaugural member

Last December, Bloomberg reported that Balyasny Asset Management (BAM) was opening an office in Abu Dhabi to accompany its existing office in Dubai. Three months later, this has come to pass. 

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Yash Agarwal, an ex-ExodusPoint portfolio manager who went on gardening leave last May, has arrived at BAM. Agarwal is based neither in London nor New York as we anticipated, but is understood to be in Abu Dhabi. It is thought that he is BAM's first employee on the ground in the emirate.

BAM declined to comment and Agarwal didn't respond to a request to comment for this article.

BAM is expected to begin operations in Abu Dhabi during the first half of this year. It's still awaiting authorisation from the regulator.

Agarwal is a global equities portfolio manager and was understood to be one of ExodusPoint's top PMs in London. He is expected to build a new team at BAM.

Agarwal's arrival in Abu Dhabi comes amidst war in the Middle East and looks like a vote for the emirate's ongoing success. Tens of hedge funds have arrived in Abu Dhabi in recent years. Late last year, the emirate was planning a $16bn expansion of Al Maryah Island, where the hedge funds hang out. 

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