Two senior energy traders, Toby Sheppard and Max Iakovlev have left Balyasny Asset Management LP’s London office, according to a report by Bloomberg citing unnamed sources. Both were part of the firm’s power and gas trading team.

The reasons for their departures, which comes as European gas prices spike amid the ongoing conflict in Iran pushing implied volatility to levels not seen since mid-2023, have not been disclosed.

Hedge funds have been heavily active in Europe’s gas and power markets following the 2022 energy crisis, with firms such as Dmitry Balyasny’s namesake fund, Millennium Management, and Citadel capitalising on heightened price swings.

Balyasny reportedly bdeclined to comment on the departures.