One of Millennium’s top commodities traders is leaving the firm.
David Zimbler, a senior portfolio manager who ran a large oil-trading team, is retiring, according to people familiar with the matter. Some members of Zimbler’s team will remain with the fund, a person familiar with the matter said, though it wasn’t immediately clear in what capacity.
A spokesman for the $75 billion multimanager and Zimbler declined to comment.
Zimbler, who is 60 years old, according to public records, was based in Miami. He worked at BP and the Chicago Mercantile Exchange trading oil derivatives and other energy products during his decadeslong career, according to an online bio for a speaking event at his alma mater, Louisiana State University.
He isn’t the only senior PM to recently depart Millennium’s commodities unit. Pavel Favinsky, a senior PM who traded energy credits, left this spring after only a handful of months on the job. Tom Arnold, a senior PM trading oil, left in April.
The unit has also added PMs in recent months, according to a person familiar, including Harish Tulsi, a senior energy trader who joined from BlueCrest Capital; Spencer Schredder, a power trader previously at Citadel; and Rodolphe Tribolet, a renewable fuels trader who joined this month from Mercuria.
Commodities strategies have been a focus for billionaire Izzy Englander’s Millennium and other multimanager hedge funds in recent years. But commodity markets have had a turbulent 2025 and are among the worst-performing hedge-fund strategies this year, according to hedge fund analytics firm PivotalPath. Trade tensions from President Donald Trump’s tariff announcements spooked markets in April, and commodities-focused hedge funds lost 1.8% that month, according to PivotalPath.
More recently, oil prices have whipsawed in response to the war between Israel and Iran.
Millennium generated $500 million from its commodities group last year and $600 million in 2023, Bloomberg previously reported.
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