Photo: New York Social Diary
The commodity fund Caxton’s chairman and founder is retiring, according to Bloomberg.He’s passing the reigns to the firm’s CIO, Andrew Law.
This comes after a recent management shuffle that saw the fund hire a new economist.
Kovner is now the 7th hedge fund manager to retire within a year.
Recent and major departures from the hedge fund kingdom – Stanley Druckenmiller, Paolo Pelligrini, George Soros, Richard Grubman and Lou Simpson – signal a trend of investors retiring at a time when hedge funds show the worst results in recent memory.
The wave started with Druckenmiller, who was down for the first time in years and it just wasn’t fun anymore. Then there was Pelligrini, also down, who said he fundamentally disagrees with the government’s economic policies.
Here’s Caxton’s economic commentary on, “Is America the next Japan?”
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