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London-based hedge fund Rokos Capital Management is on track to raise another $2 billion.
Today’s Financial Times reports that Lokos, which employs fewer than 200 people in the UK according to a recently filed report, has paid 10% more in the year to date after a bet that interest rates would not fall as quickly as expected paid off. It was reported that it made a profit of 100 million dollars. .
As the money flows in, Locos is hiring and is hiring at the senior level. As reported in January, Lokos added London-based Morgan Stanley managing director Shubham Singhal as partner and co-chief risk officer. In December, it hired Schoenfeld alum Quita Ramirez as head of business development and investor relations and partner, also based in New York. So far this year, it has also added Jamie Sullivan as head of equity investing and Kamil Belkayat as volatility trader, both from Citadel in the US.
Unlike the likes of Citadel and Millennium, Lokos is a single manager built around a trading icon, Chris Lokos, a former Goldman Sachs and former Brevan Howard trader from Etonia who founded the fund in 2015. It is a hedge fund that focuses on
While Lokos itself is a macro trader, Lokos Capital Management has portfolio managers who trade stocks, commodities, credit and securitized products. Bloomberg said 2022 and 2023 were strong years for the company, with returns reaching 51% in 2022 and 8.8% in 2023. However, in 2021 it was -21%. The FT describes Rokos’ bet as “punchy”. One hedge fund headhunter says their fund is “volatile.” “He takes big bets and big positions and goes up and down like a yo-yo.”
Considering that Locos is not your average “pod shop”, this has implications for salaries. In March last year, the firm’s around 25 partners shared profits of £445m. There was no profit in March 2022, but a loss of £3.6m.
Rokos added three new partners last year: Pria Bakshi (global head of strategic solutions), Julian Callow (head of thematic research) and Lauren Ellison (head of macro investments). All were already working for the fund.
Photo provided kenny eliason upon unsplash
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