Hedge Fund Millennium Loses Three Energy Traders and an Analyst

(Bloomberg) -- Four energy professionals — including two senior natural gas traders — are leaving hedge fund Millennium Management LLC, according to people familiar with the matter.

Jeffrey Nietschmann and Dale Gibbard, both senior portfolio managers who specialized in natural gas, along with crude trader Kristen Procinsky are departing the firm, the people said. Tackin Tarighian, a natural gas analyst, is also leaving, the people said, asking not to be named since the information is private. 

The four employees didn’t respond to requests for comment sent via LinkedIn. A representative for Millennium declined to comment.

Nietschmann has been with Millennium as a senior portfolio manager for about two years and previously worked for Trailstone Group and Merrill Lynch trading natural gas, according to his LinkedIn profile. Procinsky was previously with BB Energy and AOT Energy as a crude trader while Tarighian was formerly an analyst with Citadel, according to their profiles. Gibbard was previously a natural gas trader with Citadel and ran the European gas book for the global trading strategy team. 

Hedge funds piled into commodities in recent years as profits from the sector boomed thanks to heightened volatility in several markets, especially following Russia’s 2022 invasion of Ukraine. Izzy Englander’s Millennium earned about $600 million from commodities investments last year, with natural gas accounting for more than half of those profits.

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