Asfandyar Nadeem is closing his macro hedge fund firm to new cash, joining a raft of peers who have been shutting the doors on clients to help manage their size.
His London-based Deem Global will stop taking money from new clients on March 1 as assets are set to hit $3 billion by then, according to people with knowledge of the matter. The firm's flagship Deem Global Macro hedge fund will have $2.7 billion, while the Deem Global Macro Plus fund that makes higher-risk bets will have the rest, he people said, asking not to be identified because the details are private.
A representative for the hedge fund declined to comment.
Nadeem, a former Brevan Howard Asset Management money manager who started his own hedge fund in 2022, is the latest to say no to fresh capital. The move comes at a time when investors flush with cash are preparing to allocate more to the industry, especially after macro hedge funds stood out in performance last year with double-gains.
Swiss hedge fund ADAPT Investment Managers shut its doors to new capital this month, having grown its asset base to around $2 billion, while UK-based stock-pickers Greenvale Capital and Boldhaven Management are preparing to keep out new cash, Bloomberg News reported previously.
"Despite the medium-term capacity of our strategy being higher, the reason for soft closing is to remain prudent and maintain a deliberate, phased approach to scaling the business," Deem said in a letter to investors seen by Bloomberg News.
New capital flows and performance gains added hundreds of millions of dollars to the firm's assets which already rose to $2.8 billion in February, the firm wrote to clients.
Soaring Assets
Deem Global is among the fastest growing hedge funds in London that has seen assets soar from $300 million at launch in 2022. Most of its almost $3 billion in assets are locked for two years, after which investors are allowed to take out 25% of their cash every quarter. The firm expects to open the hedge fund to new cash again at the start of next year, the people added.
The Deem Global Macro hedge fund gained 6.5% in January after returning 13% last year. The higher-risk but smaller Deem Global Macro Plus was up 24% in January after soaring 42% in 2025, the people said.
In the annual investor letter, Nadeem said that governments around the world are becoming active players in shaping economic outcomes and not just being passive participants in globalization. For global macro investors, that widens the opportunity set as the key isn't only growth or inflation, but how different states respond to strategic pressure, what tools they deploy and what limitations they face, he added.
"This is why the current environment is so rich," Nadeem wrote. "It is global, differentiated, and deeply structural. And it rewards those willing to think seriously about governments -- not as background noise, but as the primary drivers of markets once again."
Macro funds -- which bet on broad economic trends -- thrived last year and started 2026 strongly, profiting from the wild market swings triggered by US President Donald Trump's tariff plans and other geopolitical shocks. Discretionary macro hedge funds soared 16.9% in 2025, their best since 2009, according to research firm PivotalPath.
Rokos Capital Management, led by Brevan Howard co-founder Chris Rokos, made 21% last year. Greg Coffey's Kirkoswald Asset Management gained 23.6%, while Edouard de Langlade's EDL Capital achieved its best result since launching in 2015 with a 27% return. Legendary macro trader Louis Bacon's Moore Capital, which has solely managed his and other partners' money in recent years, netted a 23% gain.
Nadeem, who worked at Brevan Howard for five years and left in 2019 when he was its head of global macro special opportunities, set up his own investment firm in 2020 and managed money for a private group of investors before deciding to launch a hedge fund.