London hedge fund with £500k average pay will probably be hiring from Millennium
For anyone who missed it yesterday, Capula Investment Management, the London-based hedge fund founded by former JPMorgan prop trader, Yan Huo back in 2005, is expanding its multistrategy hedge fund.
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To do this, Capula has hired John F. Anderson, who also previously spent 12 years at JPMorgan. For the past decade, though, Anderson has been at Millennium, one of the world's biggest multistrategy hedge funds, where he was global co-head of fixed income currencies and commodities.
Bloomberg reported yesterday that Anderson will be building out Capula's multistrategy offering, presumably by hiring new portfolio managers. Millennium would seem to be the obvious place to find them.
Capula recently released UK results for Capula Investment LLP, its partnership and Capula Investment Services Limited, its limited company. Capula Investment LLP had £305m of profits available for distribution among its 29 partners during the year ending March 2024, the highest paid of whom received £89m. This highly paid partner may have been a company rather than an individual, though. Capula's 224 non-partner staff, of which 156 were in support roles, were paid an average of £500k each over the same period.
Headhunters say Capula has already hired for the new fund, which has been in existence since 2021. London-based portfolio managers like Dan Bradbury, who joined from Maven Securities in 2023 and Mark Panter, who joined from Marble Bar early last year, are thought to be part of the build.
Anderson himself is a commodities trader as well as business manager. He spent nine years as head of commodities at Millennium and 12 years as head of commodities at JPMorgan. It is likely that Capula paid him handsomely to join.
The Wall Street Journal noted last year that Millennium is particularly strict when it comes to losses. If a portfolio manager there is down 5%, some of his/her capital is removed. When he/she is down 7.5% they're usually fired, with occasional exceptions.
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