Key Takeaways
- • Shubham Singal, promoted to Morgan Stanley managing director in 2023 after 10 years at the bank, has departed to join Rokos Capital Management as co-chief risk officer and partner based in London.
- • Rokos Capital is actively expanding its risk infrastructure by recruiting senior banking talent, signaling institutional-grade risk management buildout amid broader growth phase.
- • Rokos is raising an additional $2 billion in capital and distributed £445 million ($563 million) to partners following 2023 performance of 8.8% returns—competitive within the macro hedge fund space but trailing top-tier performers like Citadel (15.3%) and Millennium (10%).
- • Singal brings dual expertise in risk management and commodities trading, having spent five years as a trader at SocGen and Morgan Stanley before his decade-long tenure in MS risk operations.
Summary
Rokos Capital Management, the London-based macro hedge fund founded in 2015 by former Brevan Howard founder Chris Rokos, has recruited Shubham Singal from Morgan Stanley as co-chief risk officer and partner. Singal's departure represents a strategic hire for Rokos as it expands operational infrastructure alongside significant capital-raising efforts.
Singal held 10 years of tenure at Morgan Stanley, where he was elevated to managing director during the 2023 promotion cycle. His career trajectory combines risk expertise with trading acumen—he previously worked as a commodities trader at SocGen and during an earlier stint at Morgan Stanley before spending the last five years focused on risk management at the bank. His appointment to co-chief risk officer at Rokos indicates the hedge fund's emphasis on building institutional-grade risk governance as it scales.
Rokos is navigating an expansion phase that includes raising an additional $2 billion in capital from investors. The firm's 2023 performance generated 8.8% returns for investors, positioning it within the competitive but mid-tier range of large macro hedge funds. This performance trails Citadel (15.3% returns) and Millennium (10%), but outpaced Verition (8.2%) and ExodusPoint (7.3%). Following the year's performance, Rokos distributed £445 million ($563 million) to partners, underscoring profitability and commitment to investor returns during its growth phase.
The hire exemplifies an ongoing pattern of senior banking talent migrating to hedge funds, particularly as established funds expand operations and capital bases. Singal's appointment signals Rokos's institutional ambitions and focus on recruiting proven risk leadership from tier-one investment banks.
Singal held 10 years of tenure at Morgan Stanley, where he was elevated to managing director during the 2023 promotion cycle. His career trajectory combines risk expertise with trading acumen—he previously worked as a commodities trader at SocGen and during an earlier stint at Morgan Stanley before spending the last five years focused on risk management at the bank. His appointment to co-chief risk officer at Rokos indicates the hedge fund's emphasis on building institutional-grade risk governance as it scales.
Rokos is navigating an expansion phase that includes raising an additional $2 billion in capital from investors. The firm's 2023 performance generated 8.8% returns for investors, positioning it within the competitive but mid-tier range of large macro hedge funds. This performance trails Citadel (15.3% returns) and Millennium (10%), but outpaced Verition (8.2%) and ExodusPoint (7.3%). Following the year's performance, Rokos distributed £445 million ($563 million) to partners, underscoring profitability and commitment to investor returns during its growth phase.
The hire exemplifies an ongoing pattern of senior banking talent migrating to hedge funds, particularly as established funds expand operations and capital bases. Singal's appointment signals Rokos's institutional ambitions and focus on recruiting proven risk leadership from tier-one investment banks.
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