1983 headquarters berkeley square london 1 u.s. area served worldwide products hedge funds aum 7.7 billion 2014 2 number of employees 195 2014 2 website www.caxton.com caxton associates is a global macro hedge fund founded by bruce kovner in 1983 and is headquartered in new york city . 3 4 the firm also has offices in london sydney and princeton new jersey . caxton associates identifies investments according to their research of global markets and analysis of worldwide economic trends . 5 caxton associates went through a major generational transition in 2008 when bruce kovner stepped back from trading and appointed andrew law as chief investment officer . 6 in 2011 law was appointed as the chairman ceo and controlling general partner of caxton associates following the retirement of kovner . 7 contents 1 history 1.1 2008 financial crisis 2 company 3 investments 3.1 investment vehicles 4 references 5 external links history edit caxton was founded in 1983 by bruce kovner . 2 kovner trained under michael marcus at commodities corporation now part of goldman sachs international before embarking on his own with the founding of caxton . 8 in 1992 caxton closed its fund to new investors . 8 the fund then opened and closed intermittently and most recently reopened to new investors in august 2013 . 9 it was reported that at the end of the 1990s caxton global investments volatility fell substantially along with the funds returns . 4 in 2003 concern at caxton associates around the potential future impact on their historical rate of return due to their fund s size resulted in 20 percent of investors capital being returned . 10 assets under management post 20 % were 9.5 billion . 10 on december 21 2007 caxton iseman capital a joint investment partnership caxton associates and frederick iseman announced that it had completed its spin off from caxton associates . caxton iseman capital will change its name to ci capital partners llc . 11 in 2008 bruce kovner stepped back from trading and appointed andrew law as caxton s chief investment officer . in 2011 law was appointed as the chairman ceo and controlling general partner of caxton associates following the retirement of kovner . 6 law joined the london office in 2003 from goldman sachs where he was managing director and head of ficc proprietary trading in london . 7 2008 financial crisis edit during the 2008 financial crisis caxton associates did not erect gates freezing investor capital in their caxton global investments fund . 12 as reported the fund saw client redemptions totalling 27 % of assets under management through 2008 2009 while returning 13 % for the year . 12 the redemptions were reportedly born out of cash strapped clients many of whose asset allocations were gated and frozen at other investment management companies two years later the firm had fallen from no. 16 to no. 51 . 12 in 2010 it was reported that since 1983 caxton associates had returned 12.8 billion to clients whilst managing 6 billion ; ranking second amongst managers who have returned more than they currently manage . 13 14 company edit caxton associates offices are in new york london s mayfair district sydney and princeton nj . 15 investments edit caxton associates is a global macro hedge fund and has made more than 13bn for its clients according to lch investments this is roughly 14 per cent annually with half the volatility of the s & p 500 . 7 according to an interview with andrew law in the financial times in october 2013 caxton has three core principles one is listen to the markets a second one is politics and policy matters and the third one is risk control . 7 investment vehicles edit the firm s flagship fund was reported in august 2011 to account for 7 billion of caxton associates assets under management . 5 references edit andrew cave outspoken hedge fund boss who made the journey from city to city the daily telegraph 26 may 2013 a b c caxton associates . thomasson lynn february 22 2010 . bacon bullish on oil tepper on airlines signal gains . bloomberg . access date requires url help a b mackintosh james september 10 2010 . hedge fund stars shine above the crowd . financial times . retrieved august 13 2011 . a b zuckerman gregory august 11 2011 . as stocks slide investors scramble . wall street journal . access date requires url help a b caxton s bruce kovner to step down after 28 years with law to become ceo . bloomberg news . retrieved 14 02 14 . check date values in access date help a b c d quiet caxton chief refuses to shout about 1bn gain . financial times . retrieved 13 02 14 . check date values in access date help a b bruce kovner on forbes 400 . www.forbes . retrieved 2010 04 22 . caxton reopens hedge fund to new investors . financial times . retrieved 12 02 14 . check date values in access date help a b taub stephen july 2004 . the bucks stop here alpha . alpha . access date requires url help caxton iseman capital announces spin off from caxton associates a b c taub stephen apr 2009 . the hedge fund 100 our rankings of the world s biggest single manager firms . alpha magazine . access date requires url help soros paulson post biggest returns since inception . fin alternatives . september 13 2010 . retrieved august 13 2011 . hedge funds who is the best of the best . institutional investor . may 25 2011 . retrieved august 13 2011 . taub stephen march 2011 . the rich list . absolute return alpha . access date requires url help external links edit homepage major caxton associates holdings v t e hedge funds investment strategy arbitrage relative value capital structure arbitrage convertible arbitrage equity market neutral fixed income arbitrage fixed income relative value investing statistical arbitrage volatility arbitrage event driven activist shareholder distressed securities risk arbitrage special situation directional convergence trade commodity trading advisors managed futures account dedicated short global macro long short equity trend following other fund of hedge funds multi manager trading algorithmic trading day trading high frequency trading prime brokerage program trading proprietary trading related terms markets commodities derivatives equity fixed income foreign exchange money markets structured securities misc arbitrage pricing theory assets under management black scholes model greeks finance delta neutral capital asset pricing model alpha beta security characteristic line fundamental analysis hedge securitization short taxation of private equity and hedge funds technical analysis investors vulture funds family offices financial endowments fund of hedge funds high net worth individual institutional investors insurance companies investment banks merchant banks pension funds sovereign wealth funds regulatory fund governance hedge fund standards board alternative investment management companies hedge funds hedge fund managers retrieved from https en.wikipedia.org w index.php title caxton associates & oldid 721064178 categories hedge fundscompanies established in 19831983 establishments in new yorkhidden categories pages using citations with accessdate and no urlcs1 errors datesuse mdy dates from february 2013 navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages add links this page was last modified on 19 may 2016 at 15 41 . text is available under the creative commons attribution sharealike license ; 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