Balyasny taps former BlackRock credit chief

Balyasny Asset Management has recruited Daniel Chen from BlackRock to spearhead a new division specializing in US investment-grade corporate credit, according to Bloomberg. The information was gleaned from an unnamed source familiar with the development. Chen, who joined Balyasny last week, has spent nearly three decades at BlackRock before his exit in January.

Chen's tenure at BlackRock primarily revolved around the asset manager's US fundamental investment-grade credit platform, where he held the role of co-head and lead portfolio manager. Despite his extensive experience with BlackRock, Balyasny has chosen not to comment on the hire. BlackRock, for its part, has yet to respond to a request for information regarding Chen's departure.

The new team, expected to expand by three or four additional personnel, including traders and analysts, will be tasked with trading both long and short positions in US high-grade corporate bonds. They will also hunt for relative-value opportunities within this sector. Chen's appointment marks a strategic move by Balyasny to bolster its investment capabilities and expand its footprint in the corporate credit market.

Balyasny, a firm founded by Dmitry Balyasny, operates a multi-strategy investment platform encompassing equities, macro, credit, and other strategies. The firm currently manages approximately $38 billion in assets, as per its website.