Key Takeaways
- • Paul Mrockowski, a macro trader with 3.5 years at Citadel's London office, joined Rokos Capital Management as head of portfolio trading, a specialization in executing large baskets of securities across fixed income and other asset classes.
- • Mrockowski brings diverse trading experience across sovereign credit, rates, and foreign exchange from previous roles at Olayan Group and Singapore-based Graticule Asset Management, alongside his tenure at Citadel.
- • Rokos Capital Management, founded by ex-Goldman Sachs partner Chris Rokos, experienced modest losses in early March 2026, declining 0.17% in the week and posting year-to-date returns of 2.3%, underperforming some macro peers facing sharper drawdowns.
- • Portfolio trading has gained traction across fixed income markets in recent years due to electronification, creating demand for specialized traders capable of executing large block transactions efficiently.
Summary
Rokos Capital Management has hired Paul Mrockowski from Citadel's London office to serve as head of portfolio trading, marking a strategic addition to the macro hedge fund founded by former Goldman Sachs partner Chris Rokos. Mrockowski spent the past three and a half years at Citadel before making the move, bringing specialized expertise in executing large baskets of securities—a practice historically concentrated in credit markets but increasingly adopted across fixed income as electronic trading infrastructure has matured.
Mrockowski's background spans multiple macro-focused roles. Prior to Citadel, he served as a portfolio manager at Saudi-linked conglomerate Olayan Group, where he traded sovereign credit, rates, and foreign exchange. He also held an managing director position at Graticule Asset Management, a Singapore-based macro hedge fund, further establishing his pedigree in global macro trading and portfolio management.
The hiring occurs against a backdrop of near-term performance pressure in the macro hedge fund space. Rokos Capital Management posted a modest loss of 0.17% during the turbulent first week of March 2026, reducing its year-to-date returns to 2.3%. While this decline is relatively contained compared to some peers—Bloomberg reported ExodusPoint surrendered all of its 2.6% year-to-date gains following the same period—it underscores the volatile environment macro traders currently face amid geopolitical tensions.
Portfolio trading itself represents a growing specialization within hedge fund operations. The practice involves selling or executing large blocks of securities, historically concentrated in credit markets but increasingly deployed across broader fixed income, equities, and other asset classes as market electronification has reduced execution friction and expanded tactical opportunities.
Mrockowski's background spans multiple macro-focused roles. Prior to Citadel, he served as a portfolio manager at Saudi-linked conglomerate Olayan Group, where he traded sovereign credit, rates, and foreign exchange. He also held an managing director position at Graticule Asset Management, a Singapore-based macro hedge fund, further establishing his pedigree in global macro trading and portfolio management.
The hiring occurs against a backdrop of near-term performance pressure in the macro hedge fund space. Rokos Capital Management posted a modest loss of 0.17% during the turbulent first week of March 2026, reducing its year-to-date returns to 2.3%. While this decline is relatively contained compared to some peers—Bloomberg reported ExodusPoint surrendered all of its 2.6% year-to-date gains following the same period—it underscores the volatile environment macro traders currently face amid geopolitical tensions.
Portfolio trading itself represents a growing specialization within hedge fund operations. The practice involves selling or executing large blocks of securities, historically concentrated in credit markets but increasingly deployed across broader fixed income, equities, and other asset classes as market electronification has reduced execution friction and expanded tactical opportunities.
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