Chris Foster steps down from Citadel after turning Europe’s gas crisis into billions

Chris Foster, the senior portfolio manager whose London-based team turned the chaos of Europe’s energy crisis into roughly $2 billion in trading profits, is leaving Ken Griffin’s Citadel.

Foster’s aggressive positioning in European natural gas markets during 2022, when Russia’s invasion of Ukraine sent energy prices into convulsions, helped rewrite the record books for the entire firm.

The trade that changed the scoreboard

Foster’s team accounted for approximately $2 billion of the roughly $8 billion in total profits that Citadel’s commodities division generated in 2022. The $8 billion haul was instrumental in pushing Citadel past Bridgewater Associates to become the most profitable hedge fund of all time, a title Ray Dalio’s firm had held for years.

When Russia curtailed natural gas flows to Europe, prices whipsawed violently. Foster’s team, operating out of Citadel’s London office, was positioned to capitalize on those moves.

From derivatives desks to drilling sites

In March 2025, Citadel completed the acquisition of Paloma Natural Gas assets in the Haynesville Shale for approximately $1 billion. The acquired assets were subsequently rebranded as Apex Natural Gas, giving Citadel a direct foothold in US natural gas production.

A generous exit and a moderating market

Foster made headlines by donating £25 million to Mansfield College at Oxford University, his alma mater. The gift was reported as the largest single donation in the college’s roughly 200-year history.

His departure comes at a time when the conditions that created his greatest triumph have largely faded. European natural gas markets have calmed considerably from the panic-driven extremes of 2022, with prices normalized, storage levels stabilized, and the continent having diversified its supply sources away from Russian pipeline gas. Returns across Citadel’s commodities business started to come back to earth in 2023 and into 2024 and 2025.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.