Commodities investments at Izzy Englander’s Millennium Management earned the multi-strategy major a solid $600m last year, but still far behind the bumper $4bn return for the asset class seen at rival Citadel, according to a report by Bloomberg.
The report cites people familiar with the matter as confirming that the gains, which roughly matched the firm’s commodities performance in 2022, came partly from solid performance from natural gas and power trading on the back of continued market volatility sparked by Russia’s invasion of Ukraine.
Millennium, which manages over $62bn in assets, last year made a major change to the organisation of its commodities operation setting up dedicated division under the leadership of Anthony Dewell, and then last month appointed Matthew Nguyen, previously a natural gas trader with JPMorgan, as deputy head of commodities.
