It’s not just commodities traders that leave Macquarie for hedge funds. Commodities technologists do too.
Peter Mill, the global head of commodities technology strategy and head of markets technology for EMEA at Macquarie, is joining Balynasy Asset Management as head of commodities technology according to his LinkedIn profile.
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Mill, who didn’t respond to a request to comment for this article, was based in London for Macquarie. It’s not clear whether he will also be based in London with BAM.
Balyasny, like many multistrategy hedge funds, has been building out its commodities team. It hired Dan Deighton from Goldman Sachs as head of global commodities in 2022. Deighton hired various other ex-Goldman traders, including star Goldman Sachs researcher Damien Courvalin who mysteriously disappeared in March.
Courvalin was based in New York, as is Deighton. Mill may yet migrate.
Macquarie commodities trading business was historically one of the most successful on the sell-side. However, Nick O’Kane, the bank’s top oil trader, left in 2024 for Mercuria after what Bloomberg subsequently described as a “reappraisal” of risk management appetite at the bank. Net profit from commodities trading fell 19% last year as a result.
Commodities trading technology is a specialist area and can be complex given the breadth of commodities traded. Physical commodities trading creates another layer of complexity with the need for physical scheduling systems. Balyasny began building a physical natural gas and power trading business in Europe in 2024.
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