(Bloomberg) — Millennium Management LLC’s senior fuels trader and three other traders are departing while a senior natural gas trader from Castleton Commodities is set to join the hedge fund as its commodities business evolves, people familiar with the matter said.
Gary Pedersen, who led a team of refined-products traders, and fuels trader James Hutchinson are leaving the firm, the people said, asking not to be named because the information is private. Meanwhile, Ian Virga will join Millennium to lead a team of natural gas traders that will manage about $1.5 billion in assets, the people said.
A representative for Millennium declined to comment. Pedersen and Virga didn’t respond to requests for comment.
Millennium separated its commodities business under Anthony Dewell last year and hired Matthew Nguyen as his deputy to expand the unit and better compete with rivals. Hedge funds have boosted their presence in the sector as Russia’s invasion of Ukraine stoked volatility in those markets.
Virga’s addition to Millennium comes as hedge funds have piled into natural gas trading, attracted by its volatility and the rise of US exports of liquefied natural gas to Europe. Millennium also recently hired Carl Hössler as a senior portfolio manager to trade gas and power.
Millennium has had a number of changes in its energy business recently. Jeffrey Nietschmann and Dale Gibbard, both senior portfolio managers who specialized in natural gas, recently departed, as did crude trader Kristen Procinsky and natural gas analyst Tackin Tarighian.
Two other natural gas traders — Joel Green and J.W. Boyden — who were part of Nietschmann’s team, are now leaving the firm as well, the people said.
Izzy Englander’s Millennium is one of the world’s largest hedge funds, with more than $68 billion in assets under management. The firm earned about $600 million from commodities investments in 2023, and more than half of those profits came from natural gas trading.
Pedersen has also worked for Northville and Koch Supply & Trading, while Hutchinson has also previously worked for Gunvor, the people said.
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