Andrew Law’s Caxton Associates, one of the oldest and most expensive hedge funds, trimmed management fees amid losses, joining Tudor Investment Corp. and Och-Ziff Capital Management in responding to an investor backlash that’s roiled the industry.
The firm will charge 2.2 percent to 2.5 percent annually on assets, according to a letter obtained by Bloomberg. It previously charged as much as 2.6 percent, according to a government filing. Caxton, based in New York, will continue to take a 27.5 percent cut of profits. In announcing the decision to investors, Law took aim at rivals.
