Millennium Hires Elliott’s Hössler for Gas and Power Trading

(Bloomberg) -- Izzy Englander’s Millennium Management LLC hired Carl Hössler as a senior portfolio manager for its commodities business, according to people with direct knowledge of the matter.

Hössler will trade gas and power at the hedge fund, the people said, asking not to be identified as the information has not been made public yet.

He previously worked at Elliott Investment Management LP, where he spent a decade as a portfolio manager for commodities including European gas and power, US power and carbon, according to his LinkedIn profile.

Hedge funds have piled into commodities in recent years thanks to increased volatility in energy markets. Millennium earned about $600 million from commodities investments last year, with a solid performance from natural gas and power trading.

While European energy prices have fallen from the records seen in 2022, the markets are still prone to jitters due to geopolitical events like the wars in Ukraine and the Middle East, supply disruptions and extreme weather events. A shift to intermittent renewable generation also presents opportunities for power traders.

Millennium and Elliott declined to comment. Hössler didn’t respond when contacted by Bloomberg. 

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