London-based multi-strategy hedge fund Capula has reported a decline in revenue and profits for the year ending 31 March 2025, prompting reductions in pay across the firm, according to a report by Bloomberg, citing recent financial filings.

The documents how that revenue for Capula Investment Management LLP and Capula Investment Services Ltd fell 19% year-on-year, while operating profit dropped 23% over the same period. The firm’s partners, or “members,” saw their average pay decline to £7.8m ($10.4m) from £10.5m ($14.1m) the previous year. Average employee compensation also fell, from £472,000 ($632,000) to £435,000 ($584,000).

Despite the drop in payouts, Capula’s workforce grew slightly, with total employees increasing from 224 to 245, and the number of members rising by one, to 30. However, sources suggest this increase may mask internal adjustments, as a significant 48% decrease in performance fees likely impacted hiring and compensation decisions for traders.