Succession is not something hedge funds have generally been very good at. Many managers, particularly among macro funds, close their business and return money to investors rather than hand over to new leadership. Caxton Associates, founded by Bruce Kovner in 1983, has therefore succeeded where others have failed.

Since Andrew Law took over from Kovner as chief executive and chairman in 2011, the firm has "carried on without missing a beat", according to Christopher Parkinson, head of manager research at Cardano, which invests in Caxton's $7.5 billion global macro fund. Parkinson said: "Creating enterprise value is an issue many hedge funds face and Caxton is the clear leader in this regard, which has paved the way for another decade of good returns by creating stability."