Another DRW gas trader left. Hedge fund Millennium picked him up
Electronic trading firm DRW has had some troubles in the commodities markets in 2026. The FT reported in June that the firm lost $176m in Q1 of this year as a result of market volatility; several top traders have left over the course of the year and one has just been picked up by hedge fund Millennium.
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Andrew Mugica joined Millennium as a senior portfolio manager based in Greenwich Connecticut. He spent the last three years at DRW, where he was head of financial gas trading, meaning that he specialized in gas derivatives. Mugica previously spent over a decade at Goldman Sachs, where he made MD in 2021 in its natural gas trading division.
DRW told Bloomberg back in February that it wanted to "right-size and position” for “long-term success," following the departures of traders Michael Kennedy and Adam Findlay. In June, it also parted ways with Teoman Guler, its head of US power and gas trading. Each of these has yet to announce a new role.
Millennium had its own struggles in the commodities trading space last year. Business Insider reported last year that the fund had lost 'several senior PMs' in 2025, although the fund's performance in commodities was not disclosed. Its team is led by Anthony Dewell, an ex-Goldman Sachs partner who previously worked at the bank alongside Mugica.
Millennium declined to comment. DRW did not respond to a comment request.
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