Hedge fund Capula Investment Management hired Man Group's ex-head of portfolio management

Tom Bowles is back from gardening leave. After 18 years at Man AHL in London, where he was latterly head of liquid alternatives trading and previously co-head of portfolio management, Bowles has joined Capula. 

Capula isn't commenting on Bowles' arrival. Nor is Bowles himself.

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Bowles was a member of the partnership at AHL (and indeed still seems to be according to Companies House). AHL is Man's quant finance business. Accounts filed for the year ending March 2025, show that 15 AHL partners shared $273m in profits in addition to $8m of standard pay.

It's not clear whether Bowles will be a partner at Capula, but it seems likely. Partners at Capula were paid £7.8m ($10.5m) each for the year ending March 2025. This was down 26% on the previous year, reflecting a decline in profits at the fund.

Capula appears to be on a hiring spree this year. LinkedIn also suggests the arrival of at least five portfolio managers in the past few months. In London, they include Robert Burleigh, a former trader at Jain Global, who is now a PM instead.

Capula also appears to be fighting to keep the people it already has. Bloomberg reported in April that Tarun Tyagi, a macro FX portfolio manager at Capula in Abu Dhabi, was going to move to Millennium but did not when Capula bid him back and even paid for the time he sat out on gardening leave before joining MLP.