| Industry | Investment management |
|---|---|
| Founded | 1983 |
| Headquarters | New York, New York[1], U.S. |
| Area served | Worldwide |
| Products | Hedge funds |
| AUM | $8.9 billion (2010) |
| Employees | 272 (2010) |
| Website | www.caxton.com |
Caxton Associates is a global macro hedge fund founded by Bruce Kovner in 1983 headquarted in New York city.[1][2] As a global macro hedge fund Caxton Associates identifies investments according to their research of global markets and analysis worldwide economic trends.[3]
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Kovner trained under Michael Marcus at Commodities Corporation (now part of Goldman Sachs International), before embarking on his own with the founding of Caxton.[4]
In 1992, Caxton closed its fund to new investors.[4]
It was reported that at the end of the 1990s Caxton Global Investments volatility fell substantially along with the funds returns.[2]
In 2003 concern at Caxton Associates around a potencial future impact on their historical rate of return due to their funds size resulted in 20 percent of investors' capital being returned.[5] Assets under management post 20% were $9.5 billion.[5]
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.[6]
During the 2008 financial crisis Caxton Associates did not erect gates freezing investor capital in their Caxton Global Investments fund.[7] As reported the fund saw client redemptions totalling 27% of assets under through 2008-2009—while returning 13% for the year.[7] 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.[7]
In 2010 it was reported that since 1983 Caxton Associates had returned $12.8 billion to clients whilst managing $6 billion; ranking second amongs managers who have returned more than they currently manage.[8][9]
Caxton Associates' offices are in New York, London's Mayfair district, Sydney, and Princeton, NJ.[10]
Caxton Associates is a global macro hedge fund, which its founder Bruce Kovner uses as his personal investment vehicle.[11] The firm is controlled by its majority shareholder, Caxton Corporation, of which Kovner is the sole shareholder.[12]
The firm's flagship fund was reported in August 2011 to account for $7 billion of Caxton Associates assets under management.[3]
Institutional Investor's Hedge Fund 100
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