The general counsel takes on expanded operational duties as the macro manager reshuffles its senior ranks for the second time this year.

July 8, 2026

Brian Douglas has retired as Chief Executive Officer of Graham Capital Management, the systematic and discretionary macro manager based in Rowayton, Connecticut, effective June 26, 2026. In connection with his departure, the firm promoted Jason Slutsky, its General Counsel, to the combined position of Chief Operating Officer and General Counsel.

Douglas had led Graham Capital since October 2021, capping a tenure at the firm that began in 2004 and progressed through senior finance and operations roles, including Chief Financial Officer and Chief Operating Officer before he assumed the top job. His exit removes a long-serving executive who oversaw the firm’s finance, administration, technology, legal, compliance, and human resources functions.

An Expanded Operational Mandate

Slutsky, 42, joined Graham Capital in 2018 and became General Counsel in 2020. In his expanded mandate, he will oversee the legal, compliance, technology, trading services, solutions, administration, facilities, and human resources teams — a portfolio that spans much of the firm’s non-investment operations. He holds a law degree from the University of Pennsylvania and an undergraduate degree from Cornell University, and previously served as a principal and associated person of the manager.

The change is notable in that Slutsky assumes the operating chief responsibilities without stepping into the CEO title, and retains his general counsel duties. That combination suggests Graham Capital is consolidating operational oversight under a single executive rather than naming a direct successor to Douglas, though the firm did not detail its reasoning.

Second Leadership Shift This Year

The move marks the second significant leadership shift at Graham Capital in recent months. Earlier this year, Pablo Calderini departed as Co-Chief Investment Officer, and Jens Foehrenbach joined from Man Group as President and Co-Chief Investment Officer. Foehrenbach, now identified as President and Chief Investment Officer, signed the current disclosure on behalf of the fund’s manager — an indication that the co-CIO structure in place at the end of 2025 has since given way to a single chief investment officer.

Compensation Terms

Slutsky receives a base salary, is eligible for an annual discretionary bonus, and participates in the firm’s general employee benefits. He is bound by confidentiality and non-solicitation obligations during and after his employment but has no employment agreement or other direct contract with the fund itself.