Millennium Portfolio Manager Watson Leaves for Rival Balyasny

James Watson, a senior portfolio manager at Millennium Management, left to join rival Balyasny Asset Management, according to people with knowledge of the matter.

(Bloomberg) — James Watson, a senior portfolio manager at Millennium Management, left to join rival Balyasny Asset Management, according to people with knowledge of the matter.

Watson, who specializes in rates trading, will join Balyasny in the coming months, the people said, asking not to be identified discussing private details.

He’ll join Balyasny’s macro team, which has expanded to become its second-largest strategy. The team employs 200 investment professionals covering more than 10 sectors, including rates trading, emerging markets and volatility strategies.

Watson and spokespeople for Millennium and Balyasny declined to comment.

The move is part of an effort by the largest hedge funds to recruit top traders amid increased demand for multi-manager firms given their track record of producing steady returns. Those firms are vying to hire and retain traders, paying huge sums of money to win the talent war.

Read More: Hedge Funds at War for Top Traders Dangle $120 Million Payouts

Before joining Millennium, Watson managed money for Brevan Howard Asset Management and was previously a managing director at Morgan Stanley. He’s based in London.

Balyasny oversees $21 billion, and its hedge fund is up about 2% this year through August.

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