The macro portfolio manager's spin-out follows a well-worn playbook at Izzy Englander's $70B-plus hedge fund empireFarzad Kassam, one of Millennium Management’s senior macro portfolio managers, is preparing to launch his own investment firm in Dubai with backing from the hedge fund giant. Kassam’s new firm is expected to launch in 2027 with more than $1 billion in assets under management, capital he currently oversees at Millennium. Initially, the fund will manage money exclusively for Millennium founder Izzy Englander, with the possibility of accepting outside investors down the line. What this means for the macro trading landscapeMillennium Management, founded by Englander in 1989, runs one of the largest multistrategy hedge funds in the world. Starting with more than $1 billion from a single allocator like Englander removes the most painful part of launching a hedge fund: the capital raise.