Another senior rates trader has moved from Nomura to the hedge fund industry, with Mathias Berenger joining London-based Capstone Investment Advisors as a portfolio manager following five years at the Japanese bank, according to a report by eFinancial Careers.
Berenger, a specialist in rates options, departed Nomura in February and has now returned to the market after a six-month break. His appointment adds a senior derivatives trader with experience spanning both investment banks and hedge funds to Capstone’s portfolio management team.
His previous roles include head of US volatility trading at Citi and head of European vanilla options trading at Credit Suisse and Barclays. He has also worked as a portfolio manager at hedge funds including Capula and H2O Asset Management.
Berenger’s move comes amid a series of senior departures from Nomura’s macro trading operations during 2026, with the bank losing experienced traders from its rates and foreign exchange businesses.
The UK’s Financial Conduct Authority register lists Berenger as a material risk taker for Nomura’s UK business between 2021 and 2023. Nomura reportedly declined to comment on his departure or subsequent appointment.
Another notable departure from the bank’s rates operation was Hoe Lon Leng, its global head of FX and flow rates trading. Leng subsequently joined Singapore-based macro hedge fund Modular Asset Management, a firm that was spun out of Millennium.
