Goldman Sachs’s European FX Head Is Said to Join BalyasnyKelly Bit
Mitesh Parikh, Goldman Sachs Group Inc.’s European head of spot foreign-exchange trading, is joining hedge-fund firm Balyasny Asset Management LP after 12 years at the bank, said a person with knowledge of the plans.
Parikh, 35, will be a macroeconomic money manager in Balyasny’s London office, according to the person, who asked not to be identified because the information is private. He will start at the $6.25 billion Chicago-based firm founded by Dmitry Balyasny by the end of the year, the person said.
Balyasny also hired Simon Taylor, 36, a partner at BTG Pactual, to be a macro money manager in London, the person said. Taylor will join the firm in October, according to the person.
Balyasny has been expanding its investment staff after attracting about $2 billion from clients this year. At the end of 2013, the firm hired three money managers from Steven A. Cohen’s SAC Capital Advisors LP as part of its expansion in London. Multistrategy firms such as Balyasny, which use a range of tactics to invest across asset classes, are the most popular this year, according to Hedge Fund Research Inc.
Parikh and Taylor will trade in Balyasny’s Atlas Global fund, which rose 7 percent this year through mid-September, and Atlas Enhanced fund, a higher-volatility version of the strategy that climbed 13 percent in 2014, according to the person. Macro managers trade a range of assets to profit from economic trends.
Michael DuVally, a spokesman for New York-based Goldman Sachs, declined to comment on Parikh’s plans. A representative at BTG Pactual declined to comment on Taylor’s.
Parikh’s departure marks the continued exodus from banks amid cost cutting and increased regulation that prevents proprietary trading and limits the capital that trading desks may put at risk. The number of bankers doing business in the Group of 10 currencies shrank to 2,278 in the first half of this year from 2,929 in the same period of 2010, according to London-based consulting firm Coalition Ltd.
Fortress Investment Group LLC, the first publicly traded private-equity and hedge-fund manager in the U.S., earlier this year hired two foreign-exchange specialists, Jeffrey Feig of Citigroup Inc. and Christopher Fahy of Deutsche Bank AG, for its hedge-fund business.
Regulators are also probing the $5.3 trillion-a-day foreign-exchange market over allegations dealers leaked confidential client information and colluded to rig benchmarks. The scandal may cost lenders as much as $15 billion in fines, according to Chirantan Barua, a London-based analyst at Sanford C. Bernstein Ltd. Parikh’s move is unrelated to any investigations, according to two people with knowledge of the matter.
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