Key Takeaways
- • Up to 100 macro investment professionals have left or lost their positions across London's hedge fund sector, according to estimates cited by eFinancialCareers, as difficult market conditions pressure portfolio managers industry-wide.
- • Citadel lost senior macro volatility portfolio manager Avi Tullu in September, a year after he joined from Pimco, and former Merrill Lynch EMEA rates trading head Simon Roach in October.
- • ExodusPoint lost senior macro analyst Soham Sengupta in October, after he joined in December 2025, and foreign exchange trader Rupert Guest and Jim McKeever have also departed, per Financial Conduct Authority records.
- • Citadel continues to recruit across macro, adding HSBC FX trader Vineet Mudgil, Emaad Alvi from Tudor Investment Corporation, Max Dykes from RBC, and Pedro Goldbaum from Deutsche Bank for its New York rates team.
Summary
Citadel and ExodusPoint have each lost senior members of their London macro trading teams, according to eFinancialCareers, which cited estimates that as many as 100 macro investment professionals have left or lost their positions across London's hedge fund sector. The report links the departures to difficult market conditions pressuring portfolio managers across the industry.
At Citadel, senior macro volatility portfolio manager Avi Tullu left in September, roughly a year after joining from Pimco. Simon Roach, a former head of EMEA rates trading at Merrill Lynch, left in October after more than a decade at the firm. At ExodusPoint, senior macro analyst Soham Sengupta left in October, having joined in December 2025. Foreign exchange trader Rupert Guest, who arrived from Barclays in January 2025, and Jim McKeever, who joined from Caxton Associates in 2024, have also departed, according to Financial Conduct Authority records.
Despite the departures, Citadel is still hiring across its macro businesses. It recently added HSBC foreign exchange trader Vineet Mudgil, Emaad Alvi from Tudor Investment Corporation and Max Dykes from RBC, and strengthened its New York rates team with Pedro Goldbaum from Deutsche Bank.
The report describes this turnover as consistent with how platform managers operate, where portfolio manager turnover is a feature of the model, with underperformers cut quickly and replacements recruited from banks and rival funds. For macro specialists, the churn suggests a narrower set of seats and a higher bar to retain them.
At Citadel, senior macro volatility portfolio manager Avi Tullu left in September, roughly a year after joining from Pimco. Simon Roach, a former head of EMEA rates trading at Merrill Lynch, left in October after more than a decade at the firm. At ExodusPoint, senior macro analyst Soham Sengupta left in October, having joined in December 2025. Foreign exchange trader Rupert Guest, who arrived from Barclays in January 2025, and Jim McKeever, who joined from Caxton Associates in 2024, have also departed, according to Financial Conduct Authority records.
Despite the departures, Citadel is still hiring across its macro businesses. It recently added HSBC foreign exchange trader Vineet Mudgil, Emaad Alvi from Tudor Investment Corporation and Max Dykes from RBC, and strengthened its New York rates team with Pedro Goldbaum from Deutsche Bank.
The report describes this turnover as consistent with how platform managers operate, where portfolio manager turnover is a feature of the model, with underperformers cut quickly and replacements recruited from banks and rival funds. For macro specialists, the churn suggests a narrower set of seats and a higher bar to retain them.
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