Capula Investment Japan Limited

Capula Investment Japan Limited

Capula Investment Japan Limited is the Japanese subsidiary of Capula Investment Management, a global hedge fund manager founded in 2005 by Yan Sun and Victor Haghani. Capula's core strategy is systematic global macro investing, employing quantitative models to trade across interest rates, currencies, equities, and commodities. The firm is known for its academic rigor — Haghani co-authored the 1995 paper "The 1994 Mexican Peso Crisis" and later worked at Long-Term Capital Management. The firm's funds have historically targeted institutional investors including pension funds and sovereign wealth funds, with reported assets under management of approximately $6 billion at peak (per industry estimates, circa 2013). Capula's investment approach relies on proprietary quantitative models analyzing macroeconomic data, central bank policy, and market flows. The firm maintains offices in London and Tokyo; the Japanese entity focuses on local market analytics and client servicing for Asian-based institutional allocators. Portfolio exposures span developed and emerging market government bonds, currency forwards, equity index futures, and commodity swaps. Capula is registered with the Financial Services Agency of Japan and the UK Financial Conduct Authority. Team size and professional details for the Tokyo office are not publicly disclosed. Capula's London headquarters houses the majority of the investment team, which has historically included about 30 professionals (per public records). The firm does not manage external separate accounts nor offer hedge fund replication products, maintaining a single-strategy fund structure. No recent operational events for the Japanese unit have been publicly announced. Capula's structural differentiator is its pure systematic macro approach combined with deep academic roots. Unlike discretionary macro peers, Capula trades algorithmically across all core asset classes without fundamental overlay. The firm's Japanese entity is a rare dedicated Asia-Pacific hub for a London-based systematic macro fund, giving it direct exposure to Asian policy and market dynamics.