Two prominent investors, Thomas Stephens and Kevin Cottrell, have departed Corbets Capital, the $37 billion hedge fund’s internal stock-picking unit. Their exit marks a significant leadership shift at the firm, which has seen its overall performance stagnate with gains of less than 1% through the first three quarters of this year.
Stephens, who steered Corbets from its 2022 inception until last year, brought experience from industry titans Millennium Management and Citadel. His colleague Cottrell, a tech-focused manager who arrived in late 2023, previously traded for Steve Cohen at Point72. Following these departures, the unit’s oversight now rests with a trio of portfolio managers: Alberto Mann, Mitul Shah, and David Corwin.
This transition coincides with a broader reshuffling of the firm’s trading and investment ranks. Ali Lombardo, the former head of trading, left earlier this year for Viking Global, with former professional hockey player Ted Drury tapped to fill the role. Meanwhile, Balyasny continues to aggressively recruit, recently adding talent such as Ricky Mewani from Citadel and Mirza Klis from Marshall Wace.
These internal brands, including the newer Longaeva Partners, serve as a strategic buffer in the ongoing competition for top-tier talent. By fostering entrepreneurial pockets within the larger organization, the firm preserves its access to corporate executives—a critical advantage in a landscape where hedge fund headcounts are ballooning. Despite the administrative churn, the firm’s core strategy remains focused on maintaining its competitive edge through these distinct, specialized investment units.
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