Bruce Kovner will retire as chairman and CEO of global macro manager Caxton Associates on Dec. 31, according to a letter dated Tuesday he wrote to clients that was obtained by Pensions & Investments.
“After 34 years in the trading business and more than 28 years leading Caxton, the time has come to hand the leadership of the company to a new generation,” Mr. Kovner wrote. He noted that during his tenure at the head of Caxton, the firm produced more than $12 billion in profits for investors with a compound rate of return of 21% over the 28-year period.
Mr. Kovner wrote that he will concentrate on his philanthropic and advocacy activities, including support for The Juilliard School and education reform, and “the nurturing of new companies, particularly in the areas of drug discovery and medical technology.”
Andrew Law, currently the firm’s chief investment officer, will replace Mr. Kovner in both roles
Mr. Law said a new operating committee — John Forbes, the firm’s COO and CFO; Scott Bernstein, general counsel; and Michael Bolitho, who is responsible for middle- and back-office operations, will run the day-to-day operations of the company.
Mr. Law will continue to focus on trading, he wrote in his own letter to clients, also dated Tuesday , that was obtained by P&I. He stressed that the hedge fund manager’s investment approach will not change under his leadership.
Peter D’Angelo, Caxton’s president, also will retire at the end of the year. He has been Mr. Kovner’s partner since the firm was founded.
Toby Young, Caxton’s director of investor relations, declined to comment.
Information about replacements for Mr. Law in the CIO’s position and Mr. D’Angelo’s role as president could not be learned.
Caxton Associates managed $7.8 billion in hedge funds according to the firm’s SEC ADV form, dated March 31.