Balyasny Asset Management is set to hire Antoine Iskandar, a senior portfolio manager at rival multi-strategy hedge fund Millennium Management, who had previously explored spinning out his own fund, according to a report by Bloomberg.

Iskandar, who is based in Zug, Switzerland, managed more than $600m at Izzy Englander's Millennium, according to people familiar with the matter.

His team, which focuses on equities, relative value and equity derivatives strategies, reportedly incurred losses running into tens of millions of dollars in 2026, despite generating cumulative profits over the preceding three years.

Iskandar had been in preliminary discussions with Millennium about a potential spinout before deciding to join Dmitry Balyasny's firm.

Iskandar and representatives for both Millennium and Balyasny declined to comment.

The move comes amid continued competition for portfolio management talent among large multi-strategy hedge funds, with firms seeking to deploy capital and expand their investment teams.

According to Bloomberg, even portfolio managers who have experienced recent losses are attracting interest from rival firms, as moves between platforms can allow traders to start generating performance-related earnings without first having to recover losses accumulated at their previous employer.