By Stephen Taub
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.
Kovner has turned over the $9.4 billion firm to Andrew Law, whose aggressive bet on the credit markets in 2008 gave Caxton its best return in years. Law, a managing director who in April 2003 joined Caxton as a portfolio manager in its London office, was said to have racked up a better than...