Hedge fund Balyasny is building a new pod led by an ex-Marshall Wace partner

27 November 2025

2 minute read

Earlier this year, London hedge fund Marshall Wace shut down its global industrials strategy, led by partner and portfolio manager Steve Binetter. The traders involved in that strategy have been popping up in impressive places, including Binetter himself who has just resurfaced at Balyasny.

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Binetter, based in New York, spent the last decade at Marshall Wace but is now building out a new pod at Balyasny called 'Techne'. He started his career working in M&A at UBS before transitioning to the buy-side with long/short equity fund Eminence Capital, where he spent seven years.

Despite its closure, Marshall Wace's industrial strategy may have been very profitable. Bloomberg reported in October that Scott Arnold, a former member of Binetter's team at the fund, claimed responsibility for sourcing an investment in blockchain firm Circle that made Marshall Wace $700m. However, Marshall Wace reportedly disputed Arnold's version of events, and declined to comment for this article. Arnold is reportedly now joining Citadel's global equities business.

While it's not clear how Binetter's team was performing, Balyasny has made a habit of hiring traders who seem to have fallen out of favour this year. It hired Ron Choy on a $30m package in April, and hired Dave Brodsky on a $50m package in March; both men had drawdowns at the time. Founder Dimitry Balyasny has suggested in the past that people are willing to accept lower offers to join his fund due to its culture.

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