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Balyasny hires BlackRock credit executive to build US corporate credit team

The new team will trade long and short positions in US high-grade corporate bonds and is expected to add traders and analysts over time.

Reported · Written up by our desk · Hedge Funds

Balyasny Asset Management has hired Daniel Chen, a former BlackRock credit executive, to lead a new team focused on US investment-grade corporate credit, according to Hedgeweek citing a Bloomberg report.

Chen joined the multi-strategy hedge fund last week after nearly 30 years at BlackRock, where he most recently served as co-head of the firm’s US fundamental investment-grade credit platform and as a lead portfolio manager. He left BlackRock in January.

The plan is for the team to pursue relative-value opportunities and trade both long and short positions in US high-grade corporate bonds, according to the unnamed source cited by Bloomberg.

Hedgeweek also reported that Balyasny is expected to expand the operation by hiring three or four additional staff members, including traders and analysts, and that Balyasny manages about $38 billion in assets, based on the firm’s website.

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