Ex-Citi trader out at hedge fund Capula appears to be leaving after three months
It is a bad year to work in a macro hedge fund in Europe. European government bond traders from banks who tried their hands at macro trading in funds are disappearing from their new seats. They are thought to include one former Citi trader who only - finally - joined a hedge fund in the summer.
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Multiple sources say that Michele Beretta, a former European government bond trader at Citi in Paris, who joined Capula Investment Management a few months ago, is leaving again. The FCA Register shows Beretta arriving in July and exiting the London entity on October 15th. He's still thought to be employed there for the moment.
Beretta didn't respond to a request to comment for this article. Capula declined to comment.
Beretta joined a pod at Capula that was run by Andrea Casulli, an ex-Goldman Sachs and UBS rates trader. The FCA Register shows Casulli himself leaving at the end of July 2026.
In the year ending March 2025, Capula's London hedge fund partners were paid an average of £7.8m each, down from £10.5m in 2024. The average employee there earned £435k last year.
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