Key Takeaways
- • Mathias Berenger, a senior rates options specialist, has joined London-based Capstone Investment Advisors as a portfolio manager after departing Nomura in February 2026 following five years at the Japanese bank.
- • Berenger brings extensive experience across investment banking and hedge fund management, including previous roles as head of US volatility trading at Citi, head of European vanilla options at Credit Suisse and Barclays, and portfolio manager positions at Capula and H2O Asset Management.
- • Berenger's appointment follows a six-month market absence and represents another senior departure from Nomura's macro trading operations in 2026, as the bank has experienced multiple exits from its rates and foreign exchange businesses.
- • Nomura's macro trading division has seen notable departures including Hoe Lon Leng, global head of FX and flow rates trading, who joined Singapore-based hedge fund Modular Asset Management, which was spun out of Millennium.
- • The UK Financial Conduct Authority register identified Berenger as a material risk taker for Nomura's UK business between 2021 and 2023.
Summary
Mathias Berenger has joined Capstone Investment Advisors as a portfolio manager, marking another high-profile transition from Nomura to the hedge fund sector. Berenger departed Nomura in February 2026 after a five-year tenure and spent six months away from the market before accepting his position at the London-based hedge fund. His appointment strengthens Capstone's portfolio management team with a senior derivatives trader whose career spans both major investment banks and established hedge funds.
Berenger's background demonstrates deep expertise in rates derivatives trading. He previously served as head of US volatility trading at Citi and held leadership positions in European vanilla options trading at both Credit Suisse and Barclays. Beyond his investment banking experience, he has worked as a portfolio manager at hedge funds including Capula and H2O Asset Management, providing him with practical experience across different market cycles and investment strategies. His regulatory profile reflects his senior status—the UK Financial Conduct Authority register listed him as a material risk taker for Nomura's UK business operations between 2021 and 2023.
Berenger's move is part of a broader pattern of senior departures from Nomura's macro trading operations during 2026. The Japanese bank has experienced multiple exits among experienced traders in its rates and foreign exchange divisions. A particularly notable departure was Hoe Lon Leng, who held the title of global head of FX and flow rates trading at Nomura before joining Singapore-based macro hedge fund Modular Asset Management, a firm that was spun out of Millennium Management. Nomura declined to comment on Berenger's departure or his subsequent appointment to Capstone.
The movement of experienced macro traders from Nomura to hedge fund managers reflects ongoing competitive pressures for talent in fixed income and derivatives businesses. Capstone's recruitment of Berenger suggests the firm is expanding or reinforcing its rates and volatility trading capabilities, while the pattern of departures from Nomura indicates potential strategic shifts or staffing adjustments at the Japanese investment banking firm's trading operations.
Berenger's background demonstrates deep expertise in rates derivatives trading. He previously served as head of US volatility trading at Citi and held leadership positions in European vanilla options trading at both Credit Suisse and Barclays. Beyond his investment banking experience, he has worked as a portfolio manager at hedge funds including Capula and H2O Asset Management, providing him with practical experience across different market cycles and investment strategies. His regulatory profile reflects his senior status—the UK Financial Conduct Authority register listed him as a material risk taker for Nomura's UK business operations between 2021 and 2023.
Berenger's move is part of a broader pattern of senior departures from Nomura's macro trading operations during 2026. The Japanese bank has experienced multiple exits among experienced traders in its rates and foreign exchange divisions. A particularly notable departure was Hoe Lon Leng, who held the title of global head of FX and flow rates trading at Nomura before joining Singapore-based macro hedge fund Modular Asset Management, a firm that was spun out of Millennium Management. Nomura declined to comment on Berenger's departure or his subsequent appointment to Capstone.
The movement of experienced macro traders from Nomura to hedge fund managers reflects ongoing competitive pressures for talent in fixed income and derivatives businesses. Capstone's recruitment of Berenger suggests the firm is expanding or reinforcing its rates and volatility trading capabilities, while the pattern of departures from Nomura indicates potential strategic shifts or staffing adjustments at the Japanese investment banking firm's trading operations.
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