Millennium to hire Jera power trader in Japan energy push

Millennium Management is set to hire a power trader from Japan’s top utility, according to people familiar with the matter, the biggest move yet by the hedge fund to bolster its presence in the country’s energy sector.

The fund will tap Matthias Soreau — previously head of Japanese power trading at Jera Global Markets, a unit of the country’s largest electricity generator — to join its Tokyo team, the people said, asking not to be named as the information isn’t public. He is expected to join Millennium this month, helping to build out the power business, they added.

A spokesperson for JeraGM confirmed that Soreau had left the company. Soreau earlier led Japanese trading for EDF Trading, according to his LinkedIn profile.

A representative for Millennium declined to comment. Soreau did not respond to requests for comment.

Since it was liberalized about a decade ago, Japan’s power market has drawn growing interest from domestic and overseas firms as trading expands. Hedge funds have been on the hunt for newer markets such as Japan, where volatile electricity prices can create lucrative profit opportunities.

Millennium is also in talks to hire others for Soreau’s team, the people said.

Millennium, founded by Izzy Englander, has recently lured a number of traders from Japanese domestic firms as competition for financial talent heats up in Tokyo. Millennium recently hired a former stock derivatives trader from Nomura Holdings and a former equity trading head from Mizuho Financial Group.