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About Us


Capula is a global investment manager focused on innovative strategies that aim to exhibit low or negative correlation to traditional equity and fixed income markets.

Our roots are in fixed income relative value, but our horizons have expanded to encompass macro trading, crisis alpha strategies and more. Our multi-strategy evolution retains the focus on low correlation and prudent risk management, key pillars of our approach to investment management.

We manage assets for some of the world’s most astute institutional investors including corporate and public pension plans, sovereign wealth funds, foundations and endowments.








Years of History

As at 30 April 2024

Who We Are

We were co-founded in 2005 by Yan Huo and Masao Asai, both of whom previously enjoyed successful careers at global investment banks. They were later joined by former colleagues creating a team with deep market experience.


Our executive board, led by Yan Huo and comprising senior team members, oversees the firm’s governance and delivery of our strategic objectives as set by the firm’s board of partners. Together the leadership provide vision and bring together a wealth of knowledge and expertise to help us navigate the full market cycle.


Yan Huo

Co-Founder, Managing Partner

Yan Huo is managing partner, co-founder, chief investment officer of Capula.

Prior to co-founding Capula in 2005, Yan was at UFJ as head of fixed income. He started his professional career at J.P. Morgan where he worked in the derivatives research and proprietary position business. Yan is a trustee of Princeton University, Fudan University and the Huo Family Foundation and previously served as a member of the US Treasury Borrowing Advisory Committee.


BS Physics, Fudan University, Shanghai MA Electrical Engineering, Princeton University PhD Electrical Engineering, Princeton University

Masao Asai

Co-Founder, Partner

Masao Asai is a partner, co-founder and head of yen macro trading at Capula and also serves as co-head of investor relations.

Prior to founding Capula, Mr Asai was an executive vice president at UFJ International as the head of proprietary trading division having earlier been a proprietary trader and the head of yen fixed income at UFJI, Tokyo. Earlier in his career, Mr Asai was at Tokai Bank as the head of FX spot, swap and JGB proprietary trading desks. He has broad experience in JPY, USD and EUR fixed income and FX markets. Outside of Capula, Mr Asai is a guest professor at Osaka University’s school of international public policy.


BA, Keio University

The Capula Difference

Many firms say they are different. Look closely, and we believe you will see Capula stands apart from its peers.

Our distinct culture is based on curiosity, humility, teamwork and agile decision-making.

Careers at Capula

Multigenerational & Diverse

Every team member matters and is a significant contributor to delivering our strategic roadmap. Engagement and collaboration bring together colleagues from every level of the firm, from interns to the leadership.


We want to make an impact, collaborate and build a long-term business. Mobility in and across functions and geographies allows our employees to grow and diversify their skill sets and knowledge to better serve investors.

Focused on Discreet Success

We are measured, thoughtful people who want to help our clients succeed. We are team players and deep thinkers aiming to capitalise on opportunities whilst considering the overall portfolio profile with a focus on tail risks. We have a strong trading discipline focused on delivering a world-class service whilst remaining understated.

Committed to Diversity, 
Equity & Inclusion

We look to attract, recruit, develop, reward, promote and retain exceptional talent, basing our hiring decisions on an individual’s suitability for the job and potential for future success. We promote fair and equal treatment through our workplace practices and policies and are committed to maintaining an inclusive and supportive work environment, free from harassment and intimidation.

We are pleased to be a member of Inclusive Employers. Established in 2011, Inclusive Employers are experts on workplace inclusion and is a leader in helping employers to create truly inclusive workplaces where all employees are valued and empowered to contribute towards the success of their organisation.

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