Caxton, the multistrategy hedge fund firm founded by Bruce Kovner, lost 24.5% of its assets during the second half of 2007 as poor performance led investors to redeem $1.5 billion. For the full year, investors pulled $2 billion from the firm, helping to bring its total assets down 15% to $12 billion from $14.2 billion.
Caxton’s flagship fund, Caxton Global Investment,...