Key Takeaways
- • Mirco Bulega, a senior macro portfolio manager at ExodusPoint, has departed the hedge fund after joining in July 2022 and is believed to have another position lined up, potentially launching a new macro platform elsewhere.
- • Bulega's exit follows a reported small loss during volatile market conditions in March 2026, underscoring multistrategy hedge funds' notoriously low tolerance for drawdowns and the challenges senior managers face in volatile periods.
- • Bulega brought significant talent to ExodusPoint, recruiting Jacques Mouawad from Morgan Stanley, Vittorio Martino from Deutsche Bank, and other team members in July 2023 to build out his macro pod; these hires are understood to remain at the fund.
- • The departure reflects ongoing talent volatility at ExodusPoint, a multistrategy fund that has historically struggled with portfolio manager retention and underwent significant restructuring, including cutting 25% of its portfolio managers in late 2022.
Summary
Mirco Bulega, a senior portfolio manager at multistrategy hedge fund ExodusPoint, has exited the firm after approximately four years. Bulega, who previously served as a European economist at Credit Suisse and macro portfolio manager at Alphadyne Asset Management, joined ExodusPoint's London office in July 2022. According to eFinancialCareers, he is understood to have secured another opportunity, with speculation that he may be establishing a new macro platform.
Bulega's departure timing coincides with reported losses during March 2026's market volatility. While the specific magnitude of his drawdown was not disclosed, the timing underscores a persistent challenge for multistrategy hedge funds: their structural intolerance for portfolio manager underperformance during difficult market periods. Multistrategy platforms, which manage numerous independent pods, often employ rapid performance-based personnel decisions that can accelerate departures when volatility strikes.
During his tenure, Bulega built a substantial team within ExodusPoint's macro operations. In July 2023, he made several high-profile hires, including Jacques Mouawad from Morgan Stanley and Vittorio Martino from Deutsche Bank, alongside other team members. These recruits are believed to have remained at ExodusPoint following Bulega's exit. Both ExodusPoint and Bulega declined to comment on the departure or his next destination.
Bulega's exit represents part of a broader pattern of portfolio manager churn at ExodusPoint. The firm underwent substantial restructuring in late 2022, reducing its portfolio manager headcount by 25%—from 108 to 81 personnel—and has been selective about hiring subsequently. The fund also previously experienced losses exceeding $1 billion, further constraining its competitive positioning for talent retention during volatile periods.
Bulega's departure timing coincides with reported losses during March 2026's market volatility. While the specific magnitude of his drawdown was not disclosed, the timing underscores a persistent challenge for multistrategy hedge funds: their structural intolerance for portfolio manager underperformance during difficult market periods. Multistrategy platforms, which manage numerous independent pods, often employ rapid performance-based personnel decisions that can accelerate departures when volatility strikes.
During his tenure, Bulega built a substantial team within ExodusPoint's macro operations. In July 2023, he made several high-profile hires, including Jacques Mouawad from Morgan Stanley and Vittorio Martino from Deutsche Bank, alongside other team members. These recruits are believed to have remained at ExodusPoint following Bulega's exit. Both ExodusPoint and Bulega declined to comment on the departure or his next destination.
Bulega's exit represents part of a broader pattern of portfolio manager churn at ExodusPoint. The firm underwent substantial restructuring in late 2022, reducing its portfolio manager headcount by 25%—from 108 to 81 personnel—and has been selective about hiring subsequently. The fund also previously experienced losses exceeding $1 billion, further constraining its competitive positioning for talent retention during volatile periods.
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