Kovner retires as Caxton faces an uncertain future

Kovner has turned over the firm to Andrew Law, who in 2008 gave Caxton its best return in years.


By Stephen Taub

Illustration: Greg Mably

The news that Caxton Associates’ Bruce Kovner was retiring from the hedge fund he launched in 1983 was long expected, with Kovner the latest hedge fund pioneer to withdraw from the industry at a time of increased chaos and lowered returns.

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