If you’ve been tracking the "pod shop" wars lately, you know the name Balyasny. It’s usually whispered in the same breath as Citadel or Millennium. But honestly, the story of Balyasny assets under management is a bit of a rollercoaster compared to the steady upward march of its bigger rivals.
Right now, as we kick off 2026, the firm is sitting on roughly $31 billion in AUM.
That number sounds massive—and it is—but it’s a specific kind of massive. It’s a recovery story. Just a couple of years ago, things looked a little shaky. There were redemptions. There were some staff cuts. People were wondering if the "BAM" magic had fizzled out. Fast forward to today, and the firm just came off a monster 2025 where they posted gains of about 16.7%.
Success in this world isn't just about having the most cash. It’s about how much you can actually put to work without the wheels falling off.
The Reality of the $31 Billion Figure
When people talk about Balyasny assets under management, they often get confused by the filings. If you look at their Form ADV, you might see a "discretionary AUM" number that looks like $265 billion. Don't let that fool you.
That higher number includes gross leverage—basically, borrowed money used to juice returns. The $31 billion figure is the "net" AUM, which is the actual capital investors have committed. It’s the "real" money.
Why does this distinction matter? Because Balyasny runs a multi-manager platform. They have over 1,900 employees and hundreds of investment teams (they call them pods) all fighting for a slice of that capital.
Where the Money Goes
Balyasny doesn't just bet on stocks. They are spread across five main "sleeves":
- Equities Long/Short: This is their bread and butter. It's the biggest part of the firm.
- Macro: Betting on interest rates, currencies, and global shifts.
- Commodities: They've been hiring like crazy here lately.
- Systematic: Letting the algorithms do the heavy lifting.
- Credit & Event-Driven: Profiting from corporate drama like mergers or bankruptcies.
Growth and the "Asia Surge"
What’s really interesting is where the new growth is coming from. While Chicago is the home base, the expansion into Asia has been aggressive.
Seriously.
In early 2026, reports surfaced that Balyasny’s Asia revenue surged by over 80%. They now have about 30 investment teams just in that region. Dmitry Balyasny—the guy who started the whole thing back in 2001—seems to be betting the house on the idea that global "alpha" (that's finance-speak for beating the market) is moving East.
They’re currently adding teams in Singapore, Hong Kong, and Tokyo at a rate that would make most traditional banks dizzy.
Why 2025 Was a Turning Point
For a while, BAM was the "underdog" of the big multi-strats. While Citadel was printing money, Balyasny was sometimes struggling to break into double-digit returns.
Then 2025 happened.
The firm returned over 15% through November and finished the year strong. They caught the AI wave, sure, but they also navigated the weird volatility in the bond markets better than most. This performance is exactly why the Balyasny assets under management didn't just stay flat—it started growing again after those 2023 redemptions.
Investors are fickle. They leave when you're cold; they sprint back when you're hot. Right now, BAM is hot.
The "Tail Risk" Everyone is Ignoring
Dmitry Balyasny himself recently flagged something at a conference in Abu Dhabi that caught people off guard. He called AI the biggest "tail risk" for 2026.
Wait, isn't AI supposed to be the savior?
Balyasny’s take is more nuanced. He’s worried about the "what if." What if the big tech spenders (the hyperscalers) suddenly realize they aren't making enough money from AI and cut their budgets? Or what if AI evolves so fast it causes massive social instability before the economy can adjust?
Managing $31 billion means you have to worry about the 1% chance of a total meltdown, not just the 99% chance of a good quarter.
Comparing the Giants
To give you some perspective, here is how Balyasny stacks up against the "Big Three" in terms of net AUM (approximate 2026 figures):
- Millennium Management: ~$70+ Billion
- Citadel: ~$65+ Billion
- Point72: ~$35+ Billion
- Balyasny (BAM): ~$31 Billion
It's a tight race for that third and fourth spot. Point72 (Steve Cohen’s shop) and Balyasny are essentially neck-and-neck. But BAM is arguably leaner. They spend roughly 1.5% of their assets every year just on recruiting. They are talent-obsessed.
What This Means for You (Actionable Insights)
If you're an investor, a job seeker, or just a market watcher, there are a few things you should take away from the current state of Balyasny.
First, watch the headcount. BAM's AUM growth is directly tied to how many "pods" they can successfully onboard. If you see them stop hiring, it usually means the AUM is about to stall.
Second, understand the "Pass-Through" model. Like its rivals, Balyasny uses a pass-through expense structure. This means the investors (the big pensions and endowments) pay for the talent and the tech directly. It's an expensive way to invest, but as long as they keep returning 16%+, the investors won't care.
Finally, keep an eye on their Commodities sleeve. That's where the most aggressive poaching is happening right now.
Your Next Steps
- Monitor 13F Filings: Every quarter, BAM has to disclose its long positions. It’s the best way to see where that $31 billion is actually sitting. Look for "Invesco QQQ Trust" or "iShares Russell 2000 ETF"—they often use these for liquidity while they pick individual winners.
- Track the Asia Expansion: If you’re looking at global market trends, watch their Tokyo and Singapore hiring. It's a huge signal for where they think the next big trade is hiding.
- Compare Net vs. Gross: Next time you see a headline about "Balyasny managing $200 billion," remember to look for the net figure. The $31 billion is the one that tells you how much the market actually trusts them.
The comeback is officially over. Now, Balyasny is in a different phase: trying to prove they can stay in the elite tier without losing the "humility" that Dmitry says is the core of their culture. It’s a tough balance to strike when you’re managing billions of dollars and thousands of egos.