Key Takeaways
- • Mathias Berenger, a rates options trader who departed Nomura in February 2026 after five years, has joined Capstone Investment Advisors in London as a portfolio manager following a six-month hiatus from the industry.
- • Berenger brings significant seniority across multiple institutions, including prior roles as head of US volatility trading at Citigroup and head of European vanilla options trading at both Credit Suisse and Barclays, plus previous portfolio management experience at Capula and H2O Asset Management.
- • Nomura's macro trading division has experienced multiple senior departures in 2026, including Hoe Lon Leng (global head of FX and flow rates trading), who joined Singapore-based Modular Asset Management, a Millennium spinout.
- • Nomura personnel are particularly attractive to hedge funds due to their experience taking proprietary risk, making the bank a persistent source of talent acquisition for alternative investment managers.
- • Berenger held material risk taker status on the FCA register for Nomura's UK business from 2021 to 2023, though records indicate he worked outside the UK office during the latter portion of his tenure.
Summary
Nomura's macro trading business has become a notable talent pipeline for hedge funds in 2026, with another senior rates trader resurging in the alternative investment space. Mathias Berenger, a rates options trader who spent five years at the Japanese bank, departed in February and has now secured a portfolio manager position at Capstone Investment Advisors' London office following a six-month absence from active trading roles.
Berenger's career trajectory reflects deep institutional experience across major global financial institutions. Prior to his Nomura tenure, he served as head of US volatility trading at Citigroup and held the head of European vanilla options trading role across both Credit Suisse and Barclays. He has also worked as a portfolio manager at both Capula and H2O Asset Management, positioning him as an experienced hand in alternative asset management environments. His FCA registration records identify him as a material risk taker for Nomura's UK business between 2021 and 2023, though he later worked from the bank's non-UK office.
The Berenger placement is emblematic of a broader pattern within Nomura's macro division. Hoe Lon Leng, the bank's global head of FX and flow rates trading, similarly departed to join Modular Asset Management, a Singapore-based macro fund and spinout from Millennium Management. Nomura declined to comment on these movements, though timing around bonus cycles has appeared to influence departure decisions.
The consistent flow of senior talent from Nomura to hedge funds reflects a structural advantage in recruitment: Nomura traders are regarded as particularly desirable by alternative managers because their prior roles encourage elevated proprietary risk-taking compared to traditional banking environments. This cultural and experiential difference makes Nomura-trained professionals valuable additions to hedge fund investment teams seeking to build more aggressive macro and derivatives capabilities.
Berenger's career trajectory reflects deep institutional experience across major global financial institutions. Prior to his Nomura tenure, he served as head of US volatility trading at Citigroup and held the head of European vanilla options trading role across both Credit Suisse and Barclays. He has also worked as a portfolio manager at both Capula and H2O Asset Management, positioning him as an experienced hand in alternative asset management environments. His FCA registration records identify him as a material risk taker for Nomura's UK business between 2021 and 2023, though he later worked from the bank's non-UK office.
The Berenger placement is emblematic of a broader pattern within Nomura's macro division. Hoe Lon Leng, the bank's global head of FX and flow rates trading, similarly departed to join Modular Asset Management, a Singapore-based macro fund and spinout from Millennium Management. Nomura declined to comment on these movements, though timing around bonus cycles has appeared to influence departure decisions.
The consistent flow of senior talent from Nomura to hedge funds reflects a structural advantage in recruitment: Nomura traders are regarded as particularly desirable by alternative managers because their prior roles encourage elevated proprietary risk-taking compared to traditional banking environments. This cultural and experiential difference makes Nomura-trained professionals valuable additions to hedge fund investment teams seeking to build more aggressive macro and derivatives capabilities.
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