Key Takeaways
- • Mirco Bulega, a senior macro portfolio manager at ExodusPoint, has departed the firm after joining in July 2022, with reports indicating he is transitioning to Millennium Management.
- • Bulega, a former European economist at Credit Suisse and prior macro portfolio manager at Alphadyne Asset Management, led a London-based pod that recruited high-profile talent including Jacques Mouawad from Morgan Stanley and Vittorio Martino from Deutsche Bank in mid-2023.
- • The departure follows a documented performance drawdown in March 2026, though Bulega is understood to have arranged his exit prior to the volatility, suggesting the transition was planned rather than reactive.
- • Multistrategy hedge funds maintain notoriously low tolerance for drawdowns, creating structural challenges for portfolio managers navigating difficult market conditions—a dynamic that appears relevant to this departure.
- • The timing and trajectory of Bulega's move suggest potential plans to establish a new macro platform, though his next role has not been officially confirmed.
Summary
Mirco Bulega has exited ExodusPoint Capital Management after a four-year tenure as a senior macro portfolio manager. Bulega joined the New York-headquartered multistrategy hedge fund's London office in July 2022 and built a dedicated macro pod that expanded significantly in mid-2023 with the recruitment of Jacques Mouawad from Morgan Stanley and Vittorio Martino from Deutsche Bank, among other junior hires. Neither ExodusPoint nor Bulega provided comment on the departure for this report.
Bulega's background includes a tenure as a European economist at Credit Suisse and prior experience as a macro portfolio manager at Alphadyne Asset Management, establishing him as an established voice in macro-focused investing. His team's hires remain at ExodusPoint following his exit, indicating the departure was specific to Bulega rather than a broader team dissolution.
The departure occurs against a backdrop of documented performance pressure. Bulega's portfolio is understood to have generated modest losses during March 2026 volatility following years of positive returns. However, the exit was reportedly arranged well in advance of the March drawdown, suggesting planned rather than forced departure. This timing distinction is material given the hedge fund industry's well-documented intolerance for sustained performance losses, particularly within multistrategy platforms where individual pod managers face intense scrutiny during market stress.
Available reporting indicates Bulega is joining Millennium Management, though the specific role and mandate structure remain unconfirmed. Speculation regarding a potential standalone macro platform launch cannot be verified at present. The transition represents a notable reshuffle within the London macro hedge fund ecosystem and underscores ongoing talent mobility within multistrategy firms during periods of market volatility.
Bulega's background includes a tenure as a European economist at Credit Suisse and prior experience as a macro portfolio manager at Alphadyne Asset Management, establishing him as an established voice in macro-focused investing. His team's hires remain at ExodusPoint following his exit, indicating the departure was specific to Bulega rather than a broader team dissolution.
The departure occurs against a backdrop of documented performance pressure. Bulega's portfolio is understood to have generated modest losses during March 2026 volatility following years of positive returns. However, the exit was reportedly arranged well in advance of the March drawdown, suggesting planned rather than forced departure. This timing distinction is material given the hedge fund industry's well-documented intolerance for sustained performance losses, particularly within multistrategy platforms where individual pod managers face intense scrutiny during market stress.
Available reporting indicates Bulega is joining Millennium Management, though the specific role and mandate structure remain unconfirmed. Speculation regarding a potential standalone macro platform launch cannot be verified at present. The transition represents a notable reshuffle within the London macro hedge fund ecosystem and underscores ongoing talent mobility within multistrategy firms during periods of market volatility.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.