The LSE Directory / Hedge funds
Graham Capital Management is a US-based investment management firm that runs global macro and systematic trend-following strategies for institutional clients, trading futures, currencies and other liquid instruments. It manages approximately 21 billion dollars in assets and is headquartered in Rowayton, Connecticut, with additional offices in London, opened in 2011, West Palm Beach, Florida, opened in 2016, and New York City, opened in 2025. The firm employs around 250 people, with roughly half having been at the firm for more than five years. The firm's differentiator is running quantitative and discretionary trading under one roof and blending them into combined portfolios rather than offering them as separate, siloed products. Its systematic side includes trend-following programs dating to the firm's founding and a dedicated Graham Quant Macro strategy launched in 2014; its discretionary side, built out starting in 1998 when the firm began recruiting discretionary portfolio managers, includes macro strategies such as Graham Absolute Return. A Proprietary Matrix portfolio blends roughly half discretionary and half systematic exposure. The firm also offers a Core Macro vehicle for accredited investors and a Macro UCITS fund for European-regulated distribution, alongside customized separately managed solutions for institutional allocators. It is registered with the SEC and files Form ADV as a private investment adviser. Graham was founded in July 1994 by Kenneth Tropin, who had previously spent five years as president and CEO of John W. Henry & Company and, before that, seven years as director of managed futures at Dean Witter Reynolds. Fellow trader Paul Tudor Jones, a friend of Tropin's, backed the new firm as a strategic investor, and Graham began trading with 30 million dollars of proprietary capital in its flagship quantitative program. Tropin has also been active in industry advocacy, serving as president of the Managed Funds Association and helping establish its predecessor organization in the 1980s; in 2026 he was named Institutional Investor's Hedge Fund Lifetime Achievement Award winner. The firm's leadership changed in February 2025, when Jens Foehrenbach joined as President and Co-Chief Investment Officer while Pablo Calderini, the firm's former president, moved to Vice-Chairman and Co-CIO, a restructuring that put two co-CIOs jointly overseeing the combined quantitative and discretionary investment process.
