Chris Rokos is the latest high-profile hedge fund manager to join the growing cohort of macro and multi-strategy firms returning capital to investors, as Rokos Capital Management looks to cap its assets under management at $20bn, according to a report by Bloomberg.
The report cites unnamed people familiar with the matter as revealing that the London-based macro-focused fund, which currently oversees more than $22bn, is preparing to return excess capital to clients later this year. The move, expected to begin in November, would mark the first time the firm has returned cash since its inception.
The capital return will be conducted on a broadly pro rata basis, with the final amount dependent on the fund’s full-year performance. The firm posted a 12.3% gain in the first half of 2025, outperforming peers in the discretionary macro space, who returned an average of 5.9% over the same period, according to Bloomberg data.
The decision echoes similar steps taken by other industry giants, including Point72, DE Shaw, Citadel, and Element Capital, which have collectively returned billions in recent years. Citadel alone has returned $25bn to investors since 2017, while other elite managers have pushed back on additional capital inflows in an effort to protect alpha and preserve agility in volatile markets.
Rokos, a former co-founder of Brevan Howard, follows this trend as asset bloat increasingly becomes a performance drag in the $4.7tn hedge fund industry. Talent constraints and limited capacity in certain macro strategies are prompting top-tier funds to become more selective, both with capital and client relationships.
