ANDREW LAW
The British macro trader who runs and owns Caxton Associates, the storied fund founded by Bruce Kovner.
Law is the man who took over one of the most famous names in macro trading and made it his own. He joined Caxton Associates in 2003 from Goldman Sachs, became chief investment officer in 2008, and has been chairman and CEO since 2012. He is now the firm's main shareholder, worth around £1.2 billion. He is also one of Britain's biggest givers, donating £66.5 million in a single year. A steady global macro operator who lets his charity make more noise than he does.
Net Worth
About £1.2 billion (roughly $1.5 billion)
Nationality
British
Time Horizon
Medium-Term
Risk Appetite
7 / 10
Fund
Caxton Associates
Net Worth Context
- · Still a billionaire — just the quiet kind at the end of the table.
CAREER & BACKGROUND
Law grew up in Cheadle Hulme near Manchester and earned a first class economics degree from the University of Sheffield in 1987. He started in finance at County NatWest and Chemical Bank before joining Goldman Sachs in 1996, where he rose to managing director and head of FICC proprietary trading in London.
In 2003 he left Goldman to join Caxton Associates, the global macro firm founded by Bruce Kovner in 1983. Law became chief investment officer in 2008, steering the firm through the financial crisis, and took over as chairman and CEO in 2012 when Kovner stepped back.
He is now the firm's primary owner, running the fund from its London base.
COMPANIES & ROLES
Caxton Associates
INVESTING STYLE & PHILOSOPHY
Law runs Caxton as a global macro shop, making bets on interest rates, currencies, and bonds based on where the world economy is heading. He came up as a fixed income and FICC trader at Goldman, so rates and currencies are his home turf.
The Caxton style under him leans toward disciplined risk-taking rather than swing-for-the-fences leverage. He inherited a firm built on Bruce Kovner's macro tradition and kept it focused on top-down bets across major markets.
The goal is steady compounding through cycles, not one headline-grabbing year.
THE PLAYBOOK
Risk Approach
Law takes calculated macro risk but has a reputation for discipline rather than recklessness. Caxton under his watch is known for controlling drawdowns.
He is comfortable with big directional bets when his read is strong, but the firm guards against blowups.
Money Habits
For a billionaire, Law is best known not for spending but for giving. In 2024 he donated £66.5 million, placing fifth on the Sunday Times Giving List.
His AL Philanthropies foundation funds education, culture, and environmental projects. He helped buy L.S.
Lowry's painting Going to the Match for £8.1 million to keep it on public display and gave £3 million to Manchester's Science and Industry Museum. He backs the Laurus Trust network of schools in the northwest of England, close to where he grew up.
The pattern is clear. The money flows back toward the region and causes that shaped him.
BIGGEST WIN
Law's biggest professional achievement is taking Caxton through the 2008 financial crisis as its new chief investment officer and then buying and running the whole firm. Stepping into a fund built on Bruce Kovner's legendary name and keeping it relevant for well over a decade is a rare feat.
He turned an inherited institution into a business he owns outright, building a personal fortune of around £1.2 billion in the process.
BIGGEST MISTAKE
Law keeps a low public profile, so specific losing trades are not well documented. The broader challenge for any macro manager is that the golden era of huge, easy macro returns from the 1980s and 1990s faded as markets grew more efficient and central banks pinned rates near zero for years.
Running Caxton through that long low-volatility stretch, when macro trading was tough for everyone, was the real test rather than any single blunder.
FINANCIAL PHILOSOPHY
Law believes in top-down macro trading, reading the big picture on economies and central banks and positioning accordingly. His time at Goldman shaped a rates and currencies mindset that still drives Caxton.
He has publicly argued that successful hedge fund managers should give a large share of their wealth to charity. That belief shows up in his own giving, which runs into the tens of millions each year.
He treats his fortune as something to be recycled into education, culture, and the environment.
FAMILY & PERSONAL LIFE
Law was married to Zoë Law before the couple divorced in 2024. He was raised in Cheadle Hulme, Manchester, the son of a mechanical engineer and a nurse.
He keeps his private life largely out of public view.
EDUCATION
Law attended Cheadle Hulme High School and earned a first class honours degree in economics from the University of Sheffield in 1987. The economics grounding fed directly into his later career trading rates and currencies at Goldman Sachs and Caxton.
He has stayed connected to education through his philanthropy.
BOOKS & RESOURCES
Law has not written a book
He is a mostly private figure whose public writing is limited to occasional opinion pieces, including one arguing that hedge fund managers should give more to charity
QUOTES (4)
One is listen to the markets, a second one is politics and policy matters and the third one is risk control.
Hedge funds can do so much more than just raise money. We can harness the skills and expertise we use every day to fundamentally enhance the way charities operate.
The most valuable asset that my industry can bring to society is not philanthropic funding, however necessary, but the very expertise that allowed us to generate those funds.
What Zoe and I have been very much focused on is making sure the money goes to those projects and charities who have a model which is proven, where there are going to be multipliers accrued from the donations.
NETFIGO SCORE
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Risk Appetite
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