Key Takeaways
- • Michele Beretta, a former European government bond trader at Citi in Paris, is reportedly leaving Capula Investment Management after joining only a few months earlier, according to multiple sources cited by eFinancialCareers.
- • The FCA Register shows Beretta arriving at Capula in July 2026 and exiting the London entity on October 15, 2026, though he is still thought to be employed there for the moment.
- • Beretta had joined a pod run by Andrea Casulli, an ex-Goldman Sachs and UBS rates trader, whose own FCA Register record shows him leaving at the end of July 2026.
- • Capula's London hedge fund partners were paid an average of £7.8m each in the year ending March 2025, down from £10.5m in 2024; the average employee earned £435k.
Summary
A former Citi European government bond trader, Michele Beretta, appears to be departing Capula Investment Management after only a few months at the London-based hedge fund, according to eFinancialCareers. Multiple sources told the publication that Beretta, who was based in Paris at Citi, is leaving again. The FCA Register shows he joined the London entity in July 2026 and exited on October 15, 2026, although he is still thought to be employed there for the moment.
The report places the departure within a broader trend that eFinancialCareers describes as a difficult year for macro hedge funds in Europe, in which European government bond traders who moved from banks into macro trading roles at funds are leaving their new positions. Beretta had joined a pod led by Andrea Casulli, an ex-Goldman Sachs and UBS rates trader. The FCA Register shows Casulli leaving at the end of July 2026.
Beretta did not respond to a request for comment, and Capula declined to comment. The article also cites compensation data for Capula's London entity: hedge fund partners averaged £7.8m each in the year ending March 2025, down from £10.5m in 2024, and the average employee earned £435k last year.
The report places the departure within a broader trend that eFinancialCareers describes as a difficult year for macro hedge funds in Europe, in which European government bond traders who moved from banks into macro trading roles at funds are leaving their new positions. Beretta had joined a pod led by Andrea Casulli, an ex-Goldman Sachs and UBS rates trader. The FCA Register shows Casulli leaving at the end of July 2026.
Beretta did not respond to a request for comment, and Capula declined to comment. The article also cites compensation data for Capula's London entity: hedge fund partners averaged £7.8m each in the year ending March 2025, down from £10.5m in 2024, and the average employee earned £435k last year.
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