One of the biggest hedge fund launches in recent memory is prepping to double in size

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One of the biggest hedge fund launches in recent memory is planning to double its investment team and more than double its assets.

UK-based Rokos Capital Management, which makes macroeconomic bets, is looking to grow its number of portfolio managers from five to ten in a gradual expansion, two people familiar with the matter said.

The people requested anonymity because the information isn't public.

The expansion would allow the fund to eventually manage as much as $15 billion, more than double what the firm currently manages, at around $6.7 billion, the people said.

Chris Rokos was previously a partner and star trader at Brevan Howard Asset Management, a Europe-based hedge fund titan that has struggled to retain assets over the past few years on the back of underperformance. Rokos launched his fund in 2015 after suing Brevan to exit a partnership agreement that was set up to prevent him from launching a fund for five years, according to a Financial Times report .

Adding assets and portfolio managers would mean that Rokos would eventually scale back the percentage of assets he personally manages. He currently manages the bulk of the money, the people said.

Rokos raised about $2.2 billion earlier this year in a quick capital raise, the people added. The fund has since technically closed to new money but is expected to open again at some point in the future, one of the people said.

Investors can opt to pay a 1% management fee and 30% performance fee, or a 2% management fee and a 20% performance fee, the person added.

The fund returned about 20% last year, making it one of the industry's top performers, Bloomberg reported earlier this year. Performance this year, however, is down about 2% through the end of February, according to one of the people.

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