Caxton Associates

What Caxton Associates does

Caxton Associates is a privately-held global macro hedge fund founded in 1983 and structured as a UK Limited Liability Partnership (Caxton Associates LLP), with a primary office in London and additional offices in New York, Singapore, Monaco, and Dubai. The firm manages approximately $9 billion in assets through its flagship macro fund, trading across all liquid asset classes. Its investment approach blends rigorous macroeconomic assessment, market technical analysis, political and policy evaluation, and individual company research to pursue consistent absolute returns independent of market environment.

The firm serves two primary customer segments: institutional investors (pension funds, endowments, foundations, and family offices) and high-net-worth individuals meeting hedge fund accreditation requirements. Distribution operates through direct enterprise sales via relationship managers across its five global offices, with no traditional marketing channels or public investor acquisition. Revenue is generated through the standard hedge fund structure of recurring management fees on AUM plus performance-based incentive fees aligned with investor outcomes.

Caxton's core operational differentiator is its talent development infrastructure, specifically the Associate Portfolio Manager (APM) Programme launched in 2012, which has produced approximately a quarter of current portfolio managers. The firm maintains extensive regulatory compliance infrastructure including TCFD, MIFIDPRU, GDPR, and UK stewardship code adherence. In March 2026, the firm absorbed approximately $1.3 billion in losses (a 15% drawdown) on its macro fund due to Middle East geopolitical tensions, representing roughly 10% of assets under management. The firm is led by CEO Andrew Law.

Name

Caxton Associates

Legal name

Caxton Associates LLP

Website

https://caxton.com

Company type

Private

Founded year

1983

Operating status

Operating

Headcount range

101–250 employees

Short description

Caxton Associates is a global macro hedge fund founded in 1983, managing approximately $9 billion across all liquid asset classes for institutional investors and high-net-worth individuals through five offices in London, New York, Singapore, Monaco, and Dubai.

Ownership category

akta.pro rank

Product category

Global Macro Hedge Fund Management

NAICS

Portfolio Management and Investment Advice (523940), Other Financial Vehicles (525990), Portfolio Management and Investment Advice (52394)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282)

akta.pro primary industry

Funding & Repo Arbitrage (Repo Specials, Securities Lending, Balance-Sheet RV) (FSAHADAL)

Keywords

• Global macro investing
• Hedge fund management
• Alternative investments
• Absolute return funds
• Macro investment strategies

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Management Fees: Standard hedge fund management fees charged on assets under management
2. Performance Fees: Performance-based incentive fees typical of hedge fund structures, aligning manager and investor interests

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Caxton Associates is a global macro hedge fund that manages pooled investment vehicles across all liquid asset classes, combining macroeconomic analysis, market technicals, political/policy assessment, and individual company research. The firm delivers consistent absolute returns to investors irrespective of market conditions, with a flagship macro fund and approximately $9 billion in assets under management. Services are provided through a discretionary investment management model charging management and performance-based fees.

Product overview

Caxton Associates is a global macro hedge fund founded in 1983, offering a single flagship fund strategy focused on delivering consistent absolute returns across all liquid asset classes. The firm combines rigorous macroeconomic analysis, market technicals, political assessment, and individual company research. In addition to its core investment management services, Caxton operates talent development programmes including the Associate Portfolio Manager (APM) Programme (launched in 2012) and a Summer Internship Programme. The firm is not structured as a platform with modular products.

Differentiator

Problem solved

Functional benefit

Products and services

• Global Macro Fund

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Speakers for Schools UKminorStrategic or Co-development PartnerCaxton supports the Speakers for Schools UK charity as part of its community investment and educational initiatives. The firm believes in the power of education and considers giving someone the opportunity to learn to be one of the greatest investments that can empower and uplift individuals and their communities.

Scale indicators6 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Brevan Howard: Global macro hedge fund founded in 2002, managing multi-billion AUM with a similar discretionary macro mandate trading liquid asset classes globally; closest comparable by strategy and institutional client mix.
• Bridgewater Associates: Largest global macro hedge fund, running the Pure Alpha and All Weather strategies across liquid asset classes with institutional mandates; directly comparable on strategy and global LP base.
• Tudor Investment Corporation: Founded by macro pioneer Paul Tudor Jones, Tudor runs discretionary global macro across liquid asset classes with comparable institutional and HNW client base.
• Rokos Capital Management: London-based global macro hedge fund founded by Chris Rokos, trading liquid asset classes with similar size and institutional LP profile; comparable on strategy, geography, and scale.
• Winton Group: London-headquartered manager operating systematic and discretionary macro strategies across global liquid markets; comparable on macro exposure and UK institutional client focus.

Broad incumbents

• Man Group: Publicly-listed alternative asset manager with significant systematic macro (AHL) and discretionary capabilities; competes for similar institutional macro mandates but at much larger scale and across multiple strategies.
• Point72 Asset Management: Multi-strategy hedge fund with discretionary macro among its strategy mix; comparable LP base (institutional and HNW) but offers broader product set including equities and credit.
• Millennium Management: Large multi-strategy hedge fund pod shop; relevant because institutional LPs increasingly allocate to multi-strategy platforms as an alternative to single-strategy macro managers like Caxton.
• D.E. Shaw Group: Multi-strategy alternative manager with discretionary macro and systematic strategies; competes for similar institutional mandates and demonstrates the technology-intensive direction the macro category is moving.

Others

• Citco (fund administrator): Fund administrator whose Citco One platform Caxton uses for its investor login; included as an ecosystem enabler rather than a competing manager.

Market position

Strengths2 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/caxton-associates

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Caxton Associates