Hedge Funds Face Succession Challenge as Kovner Hands Off to Law
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Bruce Kovner is betting he can pull off what eluded Stanley Druckenmiller and Julian Robertson: Keeping his hedge fund alive after retiring from trading client money.
Kovner yesterday named chief investment officer Andrew Law, 45, to run his $10 billion Caxton Associates LP. Kovner, 66, who started the New York-based firm in 1983, told clients in a letter that he will retire by the end of the year to pursue personal interests. Peter D’Angelo, 64, the firm’s president and co-founder, will also step aside.