MOVES-Steve Cohen's Point72 hires veteran Castleton trader in commodities push, sources say

By Shariq Khan and Georgina McCartney

NEW YORK/HOUSTON, Feb 26 (Reuters) - Steve Cohen-led hedge fund Point72 Asset Management has hired Ryan Sheffler as natural gas portfolio manager to build out its commodities trading desk, three sources told Reuters.

Point72, which has so far focused primarily on equities, is among a few large hedge funds yet to build a commodities business and has begun to push into the space in recent months.

The investment firm's rivals, including Citadel and Millennium, have reaped bumper profits driven by a period of extreme volatility in commodity prices due to a string of geopolitical upheavals since Russia's 2022 invasion of Ukraine.

Point72 in recent weeks hired Sheffler from Stamford, Connecticut-based energy trading firm Castleton Commodities International, where he was a cross-asset trader, three industry sources said.

Point72, which had around $45.7 billion worth of assets under management as of January this year, declined to comment.

Sheffler and Castleton did not immediately respond to requests for comment.

Sheffler will lead natural gas trading for Stamford, Connecticut-based Point72, the sources said.

Gas has been one of the brightest spots in the commodities trading industry, drawing strong investor interest due to expectations that data center and liquefied natural gas plant buildouts will lift demand.

Sheffler spent the past 14 years at Castleton Commodities International in Houston as a cross-commodities trader, according to his LinkedIn profile. He started his career at Goldman Sachs in New York as a power trader in 2007.

Point72 is likely to make more commodities-focused hires over the coming months, two sources said. Point72 has also begun deliberations to set up an office in Houston to house the potential new recruits in the heart of the U.S. energy industry, one of the sources said.