Millennium Management seeds Farzad Kassam's $1 billion hedge fund launch in Dubai

Senior macro portfolio manager Farzad Kassam at Millennium Management will establish his own hedge fund in Dubai, targeted for launch in 2027. The new firm will start with more than $1 billion in assets under management, fully seeded by Millennium founder Izzy Englander, and will initially manage capital exclusively for Millennium before potentially accepting outside investors.

Kassam, who joined Millennium in 2019 after co‑heading GBP rates trading at NatWest Markets, brings extensive expertise in fixed‑income and macro strategies. Millennium, a $92 billion multi‑strategy hedge fund, has a history of backing former portfolio managers to start independent firms, such as Taula Capital Management and Echion Capital, as part of its broader strategy of recruiting and retaining top investment talent.

The Dubai location reflects Kassam’s current base in the UAE, making the headquarters practical as well as symbolic for the firm’s regional expansion.