Capula Investment Management's $3.5bn Capula Tactical Macro fund, which is run by Partner and Senior Portfolio Manager Nat Dean, is to be spun out of the firm into a separate business during the second half of the year, according to a report by Bloomberg.

The report cites an unnamed person with knowledge of the matter as revealing that fund will move from the $30bn London-based firm to a new New York-based entity, West Basin Capital Management.

According to Bloomberg's source, Capula is supporting the move and is expected to retain a commercial interest in the business.

The fund, which focuses on developed-markets macro strategy with a rates trading bias, gained 1.35% last month, 3.4% in 2023 and 17.7% the year before, according to an investor document seen by Bloomberg.