(Bloomberg) -- Brevan Howard Asset Management is hiring gas specialist Robert Alpen as it returns to trading commodities after nearly a decade out of the markets.

Alpen, who was most recently head of European gas trading at Engelhart Commodities Trading Partners, joins the macro hedge fund as it builds out a $750 million push into commodities under Elycia Sherman, said people with knowledge of the matter, asking not to be identified because the details are private. 

Although absolute prices have come down following Russia’s invasion of Ukraine, volatility in Europe’s gas and power markets remains high as the continent shifts away from piped Russian gas and rebuilds its energy mix relying on more diverse international supply.

That’s proving a moneymaking playground for the hedge funds that already have the systems and algorithms set up to thrive in an environment of split-second moves. Ken Griffin’s Citadel made more than $4 billion from commodities last year, while other multi-strategy funds like Millennium Management, Balyasny Asset Management, DRW Holdings LLC have all staffed up desks in the past two years.

Read more: Balyasny Hiring in Energy as Sector Retains Lure for Hedge Funds

In doing so they’re betting their edge in trading will win out against the energy majors, utilities and physical trading houses that already dominate these markets.

Having started his career at RBS Sempra, Alpen helped build out Gunvor Group’s nascent natural gas and LNG business before becoming head of trading at Switzerland-based MET International.

The expansion follows Brevan Howard’s rapid growth with assets soaring to about $35 billion from $6 billion in 2019. The hiring comes even as the firm cut about 10% of its staff last month in a restructuring and to reduce costs.

Brevan Howard previously ran a commodity fund until losses forced it to close in 2014 — part of a wider exit of funds from the industry at the time.

--With assistance from Priscila Azevedo Rocha and Celia Bergin.

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