Balyasny star trader Goodwin to lead new equities unit

Balyasny Asset Management (BAM), Dmitry Balyasny’s $21 billion hedge fund firm, is entering a new phase with the launch of Longaeva Partners, a long-short equity division led by star portfolio manager Peter Goodwin, according to a report by Business Insider.

This marks a significant shift for BAM, which has traditionally operated under a multi-manager model. It is the first time the firm is creating an entirely new internal fund around a single portfolio manager. Goodwin, who was hired earlier this year, will start building Longaeva this month, with plans to begin trading in early 2025. The division is named after the Longaeva tree, the world’s oldest living species, symbolizing longevity and resilience. Over time, Longaeva is expected to grow into a division housing up to a dozen teams under Goodwin's leadership.

Balyasny’s decision to back Goodwin reflects the fierce competition for talent in the hedge fund industry, with top-performing managers highly sought after. This move is reminiscent of rival Millennium Management’s strategy of creating independent equities divisions. Goodwin’s compensation package, reportedly between $50 million and $80 million, underscores his value as a rising star in the sector.

At 39, Goodwin brings a wealth of experience. He previously rose through Point72’s PM incubator program, becoming one of the firm's top-performing managers. Before that, he built his career at Lehman Brothers and hedge funds such as DE Shaw and Och-Ziff Capital.