Caxton Associates

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Caxton Associates
Industry Investment management
Founded 1983
Headquarters New York City[1], U.S.
Area served Worldwide
Products Hedge funds
AUM $6.4 billion (2013)[2]
Employees 195 (2013)[3]
Website www.caxton.com

Caxton Associates is a global macro hedge fund founded by Bruce Kovner in 1983 headquartered in New York City.[1][4] The firm also has offices in London, Sydney, and Princeton, New Jersey. As a global macro hedge fund Caxton Associates identifies investments according to their research of global markets and analysis of worldwide economic trends.[5]

History

Kovner trained under Michael Marcus at Commodities Corporation (now part of Goldman Sachs International), before embarking on his own with the founding of Caxton.[6]

In 1992, Caxton closed its fund to new investors.[6]

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.[7] Assets under management post 20% were $9.5 billion.[7]

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.[8]

2008 Financial Crisis

During the 2008 financial crisis Caxton Associates did not erect gates freezing investor capital in their Caxton Global Investments fund.[9] As reported the fund saw client redemptions totalling 27% of assets under management through 2008–2009—while returning 13% for the year.[9] 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.[9]

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.[10][11]

Company

Caxton Associates' offices are in New York, London's Mayfair district, Sydney, and Princeton, NJ.[12]

Investments

Caxton Associates is a global macro hedge fund, which its founder Bruce Kovner uses as his personal investment vehicle.[13] The firm is controlled by its majority shareholder, Caxton Corporation, of which Kovner is the sole shareholder.[14]

Investment Vehicles

The firm's flagship fund was reported in August 2011 to account for $7 billion of Caxton Associates assets under management.[5]

Rankings

Institutional Investor's Hedge Fund 100

  • 2002 – Rank #11.[15]
  • 2003 – Rank #1[15]
  • 2007 – Rank #16.[16]
  • 2008 – Rank #38[16]

References

  1. ↑ 1.0 1.1 Thomasson, Lynn (February 22, 2010). "Bacon Bullish on Oil, Tepper on Airlines Signal Gains". Bloomberg. 
  2. ↑ "Caxton Associates". 
  3. ↑ "Caxton Associates". 
  4. ↑ 4.0 4.1 Mackintosh, James (September 10, 2010). "Hedge fund stars shine above the crowd". Financial Times. Retrieved August 13, 2011. 
  5. ↑ 5.0 5.1 Zuckerman, Gregory (August 11, 2011). "As Stocks Slide, Investors Scramble". Wall Street Journal. 
  6. ↑ 6.0 6.1 "Bruce Kovner on Forbes 400". www.forbes. Retrieved 2010-04-22. 
  7. ↑ 7.0 7.1 Taub, Stephen (July 2004). "The Bucks Stop Here Alpha". Alpha. 
  8. ↑ Caxton-Iseman Capital Announces Spin-Off From Caxton Associates
  9. ↑ 9.0 9.1 9.2 Taub, Stephen (Apr 2009). "The Hedge Fund 100: Our Rankings of the World's Biggest Single Manager Firms". Alpha Magazine. 
  10. ↑ "Soros, Paulson Post Biggest Returns Since Inception". FIN Alternatives. September 13, 2010. Retrieved August 13, 2011. 
  11. ↑ "Hedge Funds: Who Is The Best Of The Best?". Institutional Investor. May 25, 2011. Retrieved August 13, 2011. 
  12. ↑ Taub, Stephen (March 2011). "The Rich List". Absolute Return + Alpha. 
  13. ↑ Caxton Associates Website
  14. ↑ "SECURITIES AND EXCHANGE COMMISSION". 10kwizard.com. Retrieved 2010-04-22. 
  15. ↑ 15.0 15.1 "2003 Hedge Fund 100". www.iimagazine.com. Retrieved 2010-04-22. 
  16. ↑ 16.0 16.1 "2008 Hedge Fund 100". www.iimagazine.com. Retrieved 2010-04-22. 

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