Hedge fund firm Millennium Management has hired two veteran metal traders in Singapore to manage a new portfolio focused on commodities, according to people familiar with the matter, expanding its exposure to the volatile sector.
(Bloomberg) — Hedge fund firm Millennium Management has hired two veteran metal traders in Singapore to manage a new portfolio focused on commodities, according to people familiar with the matter, expanding its exposure to the volatile sector.
Ex-Trafigura metal derivatives trader Nicholas Hanley and Saurabh Sharma, a former portfolio manager at diversified trading firm DRW, have joined the firm, the people said, requesting not to be named because the matter is private.
Millennium and Trafigura declined to comment. DRW didn’t respond to a request for comment.
Izzy Englander’s $58 billion hedge fund firm has been expanding its investments in raw materials, hiring former Goldman Sachs Group Inc. top trader Anthony Dewell last year.
In 2022, wild swings in commodity prices sparked by the war in Ukraine created a profitable period for traders. The performance of Goldman’s unit came close to matching its record year of 2009, while Ken Griffin’s Citadel, whose flagship fund made returns of 38% last year, has also grown rapidly to become one of the leading players in the commodities market.
Hanley worked for Trafigura for nearly 17 years in locations including Geneva and Singapore, according to his LinkedIn profile. Sharma’s career covered a range of commodities trading firms and investment banks including Engelhart Commodities Trading Partners and Morgan Stanley, according to his LinkedIn page.
–With assistance from Bei Hu and Archie Hunter.
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