Chris Rokos, who co-founded Brevan Howard Asset Management, is managing more than $1 billion within the first month of opening his own hedge fund in London, according to two people with knowledge of the matter.
About half the money in Rokos Capital Management was pledged by investors, with the remainder from the fund manager’s own pockets, said the people, who asked not to be identified because the information is private. Rokos’s net worth is $990 million, according to the Bloomberg Billionaires Index.
Rokos, 45, is making a comeback in the hedge-fund industry three years after leaving Brevan Howard, a firm he helped found with billionaire Alan Howard and others in 2002. Rokos made $4 billion for Brevan’s fund from 2004 to 2012 and expects to raise about $3 billion for his new company, the people said.
An official at Rokos Capital Management declined to comment on the size of the fund.
The new fund is being managed by Rokos along with Borislav Vladimirov, a former colleague at Brevan Howard, and Stuart Riley, formerly Asia-Pacific co-head of macro trading at Goldman Sachs Group Inc. The firm has hired more than 50 people.
Rokos left Brevan Howard in September 2012 and last year sued the company seeking to void an employment agreement preventing him from managing clients’ money until 2018. The litigation was settled out of court.
The new fund will bet on macro-economic trends across asset classes, including stocks, bonds and currencies. Its opening comes as macro hedge funds are losing money for their investors, with the HFRI Macro (Total) Index down 0.96 percent through September this year, according to data compiled by industry tracker HFR.