Hedge fund veteran Ricky Mewani is leaving Citadel to join rival multi-stratgey firm Balyasny Asset Management following a $50m drawdown in his healthcare portfolio, according to a report by Bloomberg citing unnamed sources familiar with the matter.

Mewani, who spent nine years at Citadel – three of those as a Portfolio Manager trading healthcare stocks – joins a growing list of portfolio managers moving amid the competitive talent war among multi-strategy hedge funds. His former colleague David Brodsky also recently joined Balyasny.

A Citadel spokesperson expressed disappointment over Mewani’s departure, while Balyasny confirmed the hire, noting his record of strong performance despite recent losses.