(Bloomberg) — Millennium Management LLC’s senior fuels trader and three other traders are leaving, while a senior natural gas trader at Castleton Commodities will join the hedge fund as its commodities business evolves, people familiar with the matter said.
Gary Pedersen, who ran a team of refined products traders, and fuels trader James Hutchinson will leave the firm, said the people, who asked not to be identified 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 did not respond to requests for comment.
Millennium last year spun off its commodities business under Anthony Dewell and hired Matthew Nguyen as his deputy to expand the unit and better compete with rivals. Hedge funds have increased their presence in the sector as Russia’s invasion of Ukraine stoked volatility in those markets.
Virga’s addition to Millennium comes at a time when hedge funds have flocked to natural gas trading, attracted by its volatility and rising U.S. exports of liquefied natural gas to Europe. Millennium also recently hired Carl Hössler as a senior portfolio manager for gas and power trading.
Millennium has recently seen a number of changes in its energy business. Jeffrey Nietschmann and Dale Gibbard, both portfolio managers specializing in natural gas, recently left, as did crude trader Kristen Procinsky and natural gas analyst Tackin Tarighian.
Two other natural gas traders, Joel Green and JW Boyden, who were part of Nietschmann’s team, are also leaving the firm, 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, with more than half of those gains coming from natural gas trading.
Pedersen also worked for Northville and Koch Supply & Trading, while Hutchinson also previously worked for Gunvor, the people said.
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