BullRun Capital is a multi-strategy proprietary trading firm placing systematic and discretionary bets across global equities, futures, and volatility — on our own book, and at scale.
We do not chase trends or forecast macro. We build models that identify persistent pricing inefficiencies — and we size into them with the discipline of a market-maker and the imagination of a private investor.
"The market pays you to be right, and it pays you even more to be right when others are wrong."
— Thomas Arlen, Founding Partner
Each strategy is run by a dedicated team, independently risk-managed, and capitalised from the firm's balance sheet — not external LPs.
Mean-reverting equity strategies running on millisecond signals across global cash markets. Turnover: daily.
Cross-asset trend and carry strategies across rates, FX, and commodities. Long-horizon, high-capacity, market-neutral by design.
Structured options books exploiting term-structure, dispersion, and skew across listed and OTC derivatives.
M&A, spin-offs, SPACs, and legal-catalyst trades. Discretionary, with systematic sizing and hedging overlays.
Colocated liquidity provision across equities, futures, and crypto. Native C++, sub-microsecond order-entry path.
Selective principal investments in financial infrastructure, exchanges, and trading-adjacent ventures.
Each managing partner is both a capital allocator and an active strategist — with meaningful personal capital invested alongside the firm's.
Previously global head of statistical arbitrage at a New York prop firm. Wharton MBA, Princeton physics.
Built and ran the derivatives desk at two bulge-bracket banks. Author of "Convexity & Capacity" (Wiley, 2019).
Fifteen years at a Danish multi-strat, latterly as head of macro research. PhD, applied mathematics, ETH Zürich.
"BullRun is the only firm I've encountered that runs six disciplined books without style drift. Their internal capital allocator is the best I've ever seen in private hands."
BullRun is 94 people. We expect to be 120 within three years — and never larger. Every hire is a partner conversation, and every compensation package is indexed to the P&L of the book you touch.
BullRun does not publish an inbound phone line. Qualified counterparties, capital introducers, and prospective hires may request an introduction below.