Hedge fund Millennium Management hired Benoit Bosc, a former Goldman Sachs Group Inc. oil trader who briefly moved to cryptocurrencies, for a crude-trading role, people familiar with the matter said.
(Bloomberg) — Hedge fund Millennium Management hired Benoit Bosc, a former Goldman Sachs Group Inc. oil trader who briefly moved to cryptocurrencies, for a crude-trading role, people familiar with the matter said.
Bosc will start his new position on David Zimbler’s team later this year and will be based in New York, the people said. He had spent nearly a decade trading oil at Goldman before becoming global head of product at cryptocurrency-trading firm GSR.
Millennium is among the firms that have beefed up their commodities trading capabilities as Russia’s invasion of Ukraine creates dislocations and heightened volatility, resulting in one of the market’s most profitable periods in recent history. Last year, the hedge fund added Anthony Dewell, one of the top traders in Goldman Sachs’ commodities business.
By contrast, the world of cryptocurrencies has been roiled by depressed token prices as well as high-profile bankruptcies and fraud cases that have caused a contraction in the once-scorching sector. GSR carried out two rounds of layoffs within the last year as low liquidity and an absence of retail trading volume makes business difficult for market makers and exchanges.
Separately, Millennium hired Jeffrey Sun as a portfolio manager, the people said. Sun was recently appointed global head of commodities trading at Morgan Stanley. The move was reported earlier by Peakload. Morgan Stanley declined to comment.
Millennium, which has more than $58 billion in assets under management, declined to comment on the moves. Sun and GSR didn’t immediately respond to requests for comment.
–With assistance from Sridhar Natarajan, Archie Hunter and Emily Nicolle.
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