David Zimbler, a prominent portfolio manager at Millennium's commodities unit, is retiring at the age of 60, marking a notable shift in the team. While Zimbler's departure comes amidst market difficulties, some members of his oil-trading team are expected to stay, although their future roles remain unclear. The commodities strategies at Millennium and across the hedge fund industry have struggled this year due to significant market volatility and geopolitical tensions, leading to losses in the commodities-focused hedge funds, which were among the worst-performing strategies.
Zimbler announced his retirement, marking a significant change in Millennium's commodities unit as other senior traders have also departed amidst market instability.
The commodities market faced volatility and geopolitical tensions that have impacted traders, making this a challenging year for commodity-focused hedge funds.
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