Capula Investment Management has launched a quantitative commodities strategy, the Capula Alternative Markets Alpha Fund, with capacity for $2 billion to $3 billion in investor capital. The fund is led by Yao Hua Ooi, a former AQR trader who joined Capula in 2022 after nearly 20 years at AQR. The London-based firm, which manages approximately $35 billion in assets, is known for relative-value strategies in bonds and currencies. The new fund operates as a CTA-style quantitative commodities programme using algorithmic models across physical commodity markets. A July 2026 SEC Form D filing confirms the fund's registration as a Regulation D offering. Capula has been expanding into adjacent areas, including energy-trader hires and a separately managed allocation to Cinctive Capital earlier in 2026.

Hedge fund Capula Investment Management hired Man Group's ex-head of portfolio management. 2 minutes ago Tom Bowles is back from gardening leave. After 18 years at Man AHL in London, where he was latterly head of liquid alternatives trading and previously co-head of portfolio management, Bowles has joined Capula. Capula isn't commenting on Bowles' arrival. Nor is Bowles himself. Keep Watching Morning Coffee: The precocious 24 year-old with his own $20bn hedge fund. Citadel Securities' ever-increasing allure for students Morning Coffee: The precocious 24 year-old with his own $20bn hedge fund. Citadel Securities' ever-increasing allure for students Watch More Bowles was a member of the partnership at AHL (and indeed still seems to be according to Companies House). AHL is Man's quant finance business. Accounts filed for the year ending March 2025, show that 15 AHL partners shared $273m in profits in addition to $8m of standard pay. It's not clear whether Bowles will be a partner at Capula, but it seems likely. Partners at Capula were paid £7.8m ($10.5m) each for the year ending March 2025. This was down 26% on the previous year, reflecting a decline in profits at the fund. Capula appears to be on a hiring spree this year. LinkedIn also suggests the arrival of at least five portfolio managers in the past few months. In London, they include Robert Burleigh, a former trader at Jain Global, who is now a PM instead. Capula also appears to be fighting to keep the people it already has. Bloomberg reported in April that Tarun Tyagi, a macro FX portfolio manager at Capula in Abu Dhabi, was going to move to Millennium but did not when Capula bid him back and even paid for the time he sat out on gardening leave before joining MLP. The essential daily roundup of news and analysis read by everyone from senior bankers and traders to new recruits. Boost your career. Find thousands of job opportunities by signing up to eFinancialCareers today. Top Articles