Key Takeaways
- • Michele Beretta, a former European government bond trader at Citigroup, is reportedly leaving London-based macro hedge fund Capula Investment Management after only three months, according to eFinancialCareers.
- • UK Financial Conduct Authority records show Beretta's registration with Capula's London entity ended on 15 October, although he is understood to remain employed by the firm.
- • Beretta had joined a trading team led by Andrea Casulli, a former Goldman Sachs and UBS rates trader whose FCA registration with Capula ended in July 2026.
- • The reported departure comes amid a challenging period for European macro hedge funds, with several former investment bank government bond traders leaving buy-side roles.
- • Capula declined to comment, and Beretta did not respond to a request for comment.
Summary
Michele Beretta, a former European government bond trader at Citigroup who previously traded European sovereign debt in Paris, is reportedly leaving London-based macro hedge fund Capula Investment Management just three months after joining, according to eFinancialCareers. Beretta joined Capula in July. UK Financial Conduct Authority records show his registration with the firm's London entity ended on 15 October, although he is understood to remain employed by the hedge fund.
Beretta had joined a trading team led by Andrea Casulli, a former Goldman Sachs and UBS rates trader. Casulli's FCA registration with Capula ended in July 2026. Opalesque, reporting on the same story, described Beretta as having joined a pod run by Casulli and noted that the FCA Register shows his exit from the London entity on October 15.
The reported departure comes amid a challenging period for European macro hedge funds, with several former investment bank government bond traders leaving buy-side roles. Capula declined to comment on Beretta's departure, and Beretta did not respond to a request for comment.
Separately, Capula's London partners received average remuneration of £7.8m in the financial year ended March 2025, down from £10.5m a year earlier. Average employee remuneration stood at £435,000 over the same period.
Beretta had joined a trading team led by Andrea Casulli, a former Goldman Sachs and UBS rates trader. Casulli's FCA registration with Capula ended in July 2026. Opalesque, reporting on the same story, described Beretta as having joined a pod run by Casulli and noted that the FCA Register shows his exit from the London entity on October 15.
The reported departure comes amid a challenging period for European macro hedge funds, with several former investment bank government bond traders leaving buy-side roles. Capula declined to comment on Beretta's departure, and Beretta did not respond to a request for comment.
Separately, Capula's London partners received average remuneration of £7.8m in the financial year ended March 2025, down from £10.5m a year earlier. Average employee remuneration stood at £435,000 over the same period.
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