Farzad Kassam is preparing to launch a hedge fund in Dubai with backing from Millennium Management, in a move that is expected to start with more than $1 billion. The planned firm centers on macro investing and puts a spotlight on Dubai as a growing base for large alternative investment businesses.
Kassam is described as one of Millennium’s senior macro portfolio managers, making the spinout notable both for the size of the launch and for the manager behind it. The setup appears to follow a familiar pattern associated with Izzy Englander’s Millennium platform, where experienced investors leave to build standalone operations with support from the wider hedge fund network.
The development matters beyond one fund launch. A $1B-plus macro hedge fund opening in Dubai adds weight to the view that the city is strengthening its position as an international financial hub, especially for firms looking to expand outside traditional centers such as New York and London.
It also suggests that competition in global macro trading may keep broadening geographically. If the launch proceeds as expected, Kassam’s new venture could become another example of how major hedge fund talent and capital are increasingly flowing toward Dubai.
