Millennium to seed Kassam’s Dubai macro fund with $1bn

Millennium will seed a new Dubai-based hedge fund run by senior portfolio manager Farzad Kassam next year, allocating more than $1 billion from the firm’s macro strategy. The new firm will initially manage capital exclusively for Millennium.

Kassam, who runs a macro strategy inside Millennium, plans to set up the independent firm in Dubai. At launch the vehicle will take over capital currently assigned to his strategy at Millennium, with the option to seek outside investors after an incubation period.

Under the arrangement Millennium will provide a direct capital allocation to give the startup a substantial asset base while the manager operates independently. The fund is expected to run only Millennium capital at the start; third-party fundraising could follow once the firm completes its early operating phase and establishes a track record.

Large multi-manager firms have increasingly provided seed capital and operational support to senior traders and portfolio managers launching standalone firms. These allocations allow allocators to retain exposure to experienced managers while giving the managers an operational platform and initial assets from day one.

Millennium manages about $92 billion and oversees more than 340 investment teams across global markets. The firm has previously supported launches by former portfolio managers, including Taula Capital Management, founded by Diego Megia, and Echion Capital, launched by Chaitanya Mehra. Millennium operates a tightly controlled risk management framework across its business.

Millennium reported a 4.1% gain in June 2026 and a 10.5% return for the first six months of the year.

Establishing the firm in Dubai follows a trend of managers choosing regional hubs for tax, regulatory and lifestyle reasons. Details of the new firm’s operational setup and the length of the incubation period have not been disclosed.

At launch the fund will provide Millennium continued exposure to Kassam’s macro strategy through a direct allocation; the firm may widen its investor base after the incubation period.