Balyasny's $21 Billion Hedge Fund Shuts Doors of Its Madrid Office

Balyasny Asset Management, known for its hefty $21 billion under management, is departing from the Spanish market.

The firm has decided to part ways with its only portfolio manager stationed in Madrid, Igancio Perez-Cossio, along with his trio of analysts, leading to the closure of their office in the affluent area of Pozuelo de Alarcón, according to sources with intimate knowledge of the situation.

Both Balyasny and Perez-Cossio opted not to provide any comments on the matter.

Perez-Cossio became part of the Balyasny team in 2023, holding the position of equities portfolio manager. His previous career experiences include roles at Zimmer Partners and what is now known as SummitTX, stemming from Crestline Investors. His initial professional endeavors started at UBS, concentrating on research in utilities and infrastructure equities.

Balyasny has been reshaping its stock-picking division over the past one and a half years, and it maintains a robust foothold in London, a city where many American funds gather their international investing expertise. Furthermore, they have smaller office presences in Denmark and Poland.

The fund posted a notable return of 13.6% for the year 2024, continuing its upward trajectory into the first months of 2025 with a 3.5% gain, outshining larger counterparts like Citadel and Millennium for the period.