- Rokos Capital Management’s top partner, believed to be founder Chris Rokos, took about £477m from record profits for the year to March 2025, second only to the firm’s 2021 peak payout.
- Revenue more than doubled to roughly £1.2bn and the profit pool for 23 partners rose to about £940m.
- Strong macro trading performance drove the windfall, with the fund up 31% in 2024 and about 21% in its lowest-fee share class in 2025.
- The haul highlights a highly concentrated, key-man model at Rokos and the rich payoffs available in volatile macro markets.
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The recent disclosures from Rokos Capital Management paint a picture of a hedge fund that has rebounded dramatically from past underperformance, delivering outsized results and funneling a large share of profits to its top partner, almost certainly Chris Rokos himself. The firm’s revenues more than doubled from ~£445 million to ~£1.2 billion in the year to end-March 2025, while profits available to partners hit ~£940 million. Rokos’s share of that—at ~£477 million—represents just over 50% of the profit pool.
This payout is particularly notable given the firm’s concentrated model: Rokos plays the central role in trading risk decisions, supported by analysts and investment officers, rather than delegating to multiple portfolio managers. Such a structure magnifies both the reward and the risk to Rokos individually.
Performance is the key driver. Rokos Capital returned 31% in 2024, propelled by volatility across equities, commodities, inflation trends, and interest rates; in 2025, the lowest-fee share class returned around 21%. This places Rokos among the top macro funds in a year where many peers also performed well, but Rokos’s returns were notably high relative to those of his former firm (Brevan Howard) and some others.
From a compensation and governance standpoint, this level of payout raises multiple strategic implications. First, attracting and retaining top risk-taking talent hinges on competitive pay, particularly in macro strategies. Second, in an environment of increasing regulatory, political, and public scrutiny of income inequality and payouts in financial services, such outsized remuneration may draw attention or pressure. Third, the concentration of decision-making and reward may pose key-man risk: if Rokos were unable to trade, performance (and payout) could suffer more than at more distributed firms.
Open questions remain: Will Rokos Capital sustain such performance in less volatile or more stable macroeconomic regimes? Can it grow its assets under management (AUM) further without degrading returns? What adjustments—if any—to fee structures, partner distribution, or risk management will be made as the firm scales? Finally, what is the potential political, tax, or regulatory fallout of a payout this large in the UK?
Supporting Notes
- Rokos paid the highest-earning partner £477 million in profits for the year ending March 2025; this is believed to have been Chris Rokos.
- The total profit pool for the firm’s 23 partners in that period was ~£940 million, up sharply from ~£315 million in the previous year.
- Firm revenues jumped from ~£445 million to ~£1.2 billion over the same period.
- Rokos Capital returned 31% in 2024, and its lowest-fee share class returned ~21% in 2025.
- The payout of £477 million is the second-largest individual payout at the firm (after £509.4 million in 2021).
- Rokos Capital now manages approximately $22 billion in assets.