Millennium Management is undergoing significant changes in its energy trading division, with the departure of a senior fuels trader and several other traders, while a seasoned natural gas trader from Castleton Commodities is set to join the hedge fund, according to a report by Bloomberg.

The report cites unnamed sources familiar with the matter as revealing that Gary Pedersen, who led a team of refined-products traders, and fuels trader James Hutchinson are both leaving Millennium. Ian Virga, meanwhile, will be joining Millennium to lead a team of natural gas traders managing approximately $1.5bn in assets.

The personnel changes follow the recent departures of Senior Portfolio Managers Jeffrey Nietschmann and Dale Gibbard, both specialising in natural gas, along with Crude Trader Kristen Procinsky and Natural Gas Analyst Tackin Tarighian.

Additionally, two natural gas traders, Joel Green and JW Boyden, who were part of Nietschmann’s team, are also set to depart, the sources said.

Last year, Millennium restructured its commodities business under the leadership of Anthony Dewell, with Matthew Nguyen brought on as his deputy to bolster the unit and enhance its competitiveness.

Virga’s addition to Millennium coincides with a broader trend of hedge funds intensifying their activity in natural gas trading, driven by the commodity’s volatility and the expansion of US liquefied natural gas exports to Europe. Recently, Millennium also brought on board Carl Hössler as a Senior Portfolio Manager to trade gas and power.