(Bloomberg) -- Millennium Management, the $33.7 billion hedge fund founded by Israel Englander, has hired Mercuria Energy Group Ltd.’s head of European gas trading Philip Sutterby.
He left the commodity trading house a month ago and will join Millennium in London during the fourth quarter to trade gas, power and coal as part of the firm’s European energy portfolio, Sutterby said by phone. Before joining Mercuria in 2011, Sutterby was a trader at Barclays Plc.
Sutterby’s move comes as investors return to commodity hedge funds as prices for oil and other raw materials rebound. About $5 billion flowed into commodity hedge funds during the first quarter, according to data compiled by eVestment. Millennium hired John Anderson, the former co-head of global commodities at JPMorgan Chase & Co., as global chief of commodities in 2013.
Sutterby is the second high profile departure from Geneva-based Mercuria’s gas-trading desk this year. Jeremy Taylor, the former head of U.S. gas and power trading, left the firm recently to join Goldman Sachs Group Inc., according to a person familiar with the matter.
A spokesman for Mercuria declined to comment on Sutterby’s departure.
--With assistance from Laura Hurst and Javier Blas To contact the reporter on this story: Andy Hoffman in Geneva at firstname.lastname@example.org. To contact the editors responsible for this story: James Herron at email@example.com, Dylan Griffiths
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