Veteran Energy Trader Jekov Leaves Millennium After Three Years

(Bloomberg) — Veteran energy trader Jivko Jekov has left Millennium Management, three years after he was hired to build a team within the hedge fund, according to people familiar with the matter.

Jekov joined Millennium in 2022 as a senior portfolio manager, as energy traders cashed in on the extreme volatility triggered by Russia’s invasion of Ukraine. By late 2023, Jekov had built a team in Zug, Switzerland, to trade European natural gas and power, as well as US gas futures.

Guennadi Andrianov, who Jekov hired as a gas trader just over two years ago, has also left the firm, said the people, asking not to be identified discussing confidential matters.

The departures come as energy traders grapple with declining volatility and profits. European gas prices have come down substantially in recent months, in a blow for some hedge funds that had bullish bets on the market.

A spokesperson for Millennium declined to comment. Jekov and Andrianov did not respond to requests for comment sent via LinkedIn.

Trade publication With Intelligence first reported Jekov’s departure.

Expectations of intense global competition for gas this summer — which supported near-record net long positions in European gas at the start of the year — have not materialized as demand from China remained muted. More LNG projects from the US to Qatar are set to come online in 2026 and 2027, adding to a growing consensus that prices are set to fall further.

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