Millennium Covets Citadel-Size Commodities Gains, Just Not the Risk
The world’s best-paid hedge fund manager wants to build a world-beating commodities business. Insiders say Izzy Englander doesn’t always give his team the runway it needs.
For years, mega hedge fund Millennium Management watched as one of its closest competitors, Citadel, raked in enviable returns from commodities trading, including a profit of about $8 billion in 2022. Eager to supercharge its own performance, Millennium last year installed Anthony Dewell, the star energy trader of Goldman Sachs Group Inc., as its head of commodities.
Dewell, 39, was given a mandate to transform Millennium’s commodities business into a formidable rival to Citadel’s. What he wasn’t given, people familiar with the matter say, is the freedom he needs to fully pull it off.