Hedge fund Capula cuts pay across the board as revenue and profits drop
Hedge fund Capula went from strength to strength in 2023, 2024, and 2025. It’s now 2026, and the London-based multi-strategy fund seems to have finally faltered.
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Results were released yesterday for Capula’s main two UK entities, Capula Investment Management LLP and Capula Investment Services Ltd, for the year ending 31 March 2025. They were not great – the firm’s revenue in the period fell by 19% on the year previous, and operating profit declined by 23%.
Its average pay, in turn, also fell. The firm’s members – UK legal jargon for partners in a partnership – saw their pay drop to £7.8m ($10.4m) per head, down from £10.5 ($14.1m) in the previous year. In a hedge fund, most members are portfolio managers.
Pay for the average Capula employee also fell, from £472k ($632k) in the period ending March 2024 to £435k ($584k) to the period ending March 2025.
The upside, at least, is that Capula has been hiring. The total number of employees at the firm went from 224 to 245, a 9.4% increase. The number of members at the firm also increased by one, from 29 to 30.
The increase might be deceptive, however. This time last year, Bloomberg reported that the firm planned to recruit and “develop” traders, plural. An increase of one portfolio manager when several should have been hired implies that some others lost their jobs in the process. A 48% decrease in performance fees can do that.
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