The LSE Directory / Hedge funds
Rokos Capital Management (RCM) is a London-based global macro hedge fund manager, founded in 2015 by Chris Rokos. The firm trades interest rates, currencies, equities, credit and commodities, taking discretionary directional and relative-value positions on how broad economic trends, central bank policy, and growth and inflation cycles will move markets, backed by systematic research and risk management rather than a purely quantitative process. Within the global macro category, RCM is built around a single dominant discretionary decision maker rather than the multi-manager, quant-driven pod structure that has come to dominate much of the macro and multi-strategy hedge fund space; positioning is set by Rokos's own market judgment. That approach to concentration also shapes how the firm manages its own size: after gaining 12.3 percent in the first half of 2025, ahead of an average 5.9 percent gain across discretionary macro peers, RCM told investors it would cap assets under management at 20 billion dollars and begin returning capital to clients on a broadly pro rata basis from November 2025, the first capital return in the firm's history, intended to protect its ability to execute at scale as assets grew past 22 billion dollars. Rokos co-founded Brevan Howard Asset Management, generating an estimated 4 billion dollars for its investors between 2003 and 2012 before leaving the firm; earlier in his career he traded at Goldman Sachs from 1995 to 1997 and at Credit Suisse from 1999 to 2001. He launched RCM in 2015. The firm is authorised and regulated in the UK as an Alternative Investment Fund Manager by the Financial Conduct Authority (reference number 679721), is headquartered at 23 Savile Row in London, and has additional offices in New York, Washington DC and Singapore, employing around 200 people. Assets under management grew from roughly 9 billion dollars in October 2019 to more than 22 billion dollars by 2025. Recorded annual performance includes a 44 percent gain in 2020, a 26 percent loss in 2021, and a 51 percent gain in 2022, its best year since inception.
