Taula Capital Management (Jersey)

Megia spent 23 years at Moore Capital Management, Louis Bacon's macro hedge fund. He rose to co-head of macro trading and was consistently allocated the single-largest portion of the firm's risk budget. He departed in 2011 to found Taula Capital in Jersey, bringing several Moore colleagues with him. Prior to Moore, he traded at several European institutions.

Taula trades predominantly G10 rates, foreign exchange, and sovereign credit markets. The firm builds positions around central bank policy divergence, inflation dynamics, and relative value across the US Treasury, European government bond, and JGB curves. It does not operate in equities, private credit, or emerging markets as a core allocation. The mandate is designed to stay within the deepest, most liquid sovereign markets.

Taula operates as a Jersey-domiciled asset manager, offering commingled hedge fund vehicles to institutional allocators. The funds typically provide US taxable and offshore feeder structures. The firm has kept capacity deliberately limited to preserve the agility of its G10 rates strategy. Taula has not launched UCITS, '40 Act funds, or long-only vehicles, and does not publicly disclose its AUM.

Unlike multi-strategy platforms that allocate risk across dozens of uncorrelated trading teams, Taula runs a single concentrated book of G10 rates and FX positions under Megia's direct oversight. The firm does not employ a pod structure or external portfolio managers. This gives it a cleaner crisis-alpha profile—when G10 markets dislocate, the fund's returns are driven by one team's conviction rather than being netted down by unrelated strategies.

Taula applies the institutional risk discipline Megia absorbed during two decades at Moore Capital. The firm structures positions with defined downside using options and futures, maintaining a moderate risk budget relative to the macro peer set. It emphasizes liquidity and position-sizing discipline over maximum leverage. The Jersey regulatory framework provides additional operational oversight.

Publicly, no. Taula has not diversified into equities, private markets, or quantitative strategies. The firm has remained a pure G10 rates and FX macro manager since its 2011 launch. This stands in contrast to many macro spinouts that broaden their mandate to attract assets, and is a core part of the firm's pitch to allocators seeking uncorrelated, liquid macro returns without drift.

Jersey offers a regulatory environment with well-tested fund structures for global institutional investors, alongside proximity to the London macro talent pool. Several macro hedge funds with concentrated G10 mandates have chosen the Channel Islands for similar reasons—combining EU-adjacent time zones with a credible, cooperative regulatory framework. Megia's move to Jersey was part of the post-Moore independence structure.