CQS (Asset Manager)

CQS is a London-based global multi-strategy credit-focused asset management firm.[2] It launched its first credit strategy in 2000 and now manages a range of investment mandates. Specific investment capabilities include convertibles, asset backed securities, credit, loans, structured credit, and equities.

CQS
IndustryHedge fund
Founded1999 (1999)
FounderMichael Hintze
AUMUS$ 7.4 billion
(as of Dec 31, 2019)[1]
Websitecqs.com

Their investors include pension funds, insurance companies, sovereign wealth funds, funds of funds, endowments and foundations, and private banks.[3]

Leadership

CQS was founded in 1999 by Michael Hintze, who serves as the Group Executive Chairman and Senior Investment Officer. Prior to establishing CQS, Hintze was European Head of Convertible Bonds at Credit Suisse First Boston (CSFB) and Head of UK Equity Trading and European Convertible Bond Trading at Goldman Sachs.

In 2014, he was asked to serve on the International Advisory Panel for the Australian government's Financial Services Inquiry.[4] He also served as a Member of the Market Practitioners' Panel for the UK government's Fair and Effective Markets Review.[5] He serves as a Member of the Vatican Bank Board and sits on the Audit Committee of the Duchy of Cornwall.[6]

Hintze was ranked #5 on Financial News’ FN100 Most Influential list[7] in the hedge fund category. He was also listed by The Wall Street Journal as one of five "2012 All-Stars".[8] Hintze is also a philanthropist, and his charity, the Hintze Family Charitable Foundation, has provided funding to over 200 charities and organisations.[9]

Former London Stock Exchange chief Xavier Rolet joined CQS as chief executive officer (CEO) in January 2019.[10]

Governance and board of directors

CQS is governed by a board of directors, with subcommittees.

The chair of the board is Sir Michael Peat, an accountant by training who also serves as an independent non-executive on the Board of Deloitte UK, amongst other positions.[11] Non-Executive Directors on the Board include Adrian Collins, Catherine Cripps, Richard Hayden, James Shinn, former Australian foreign minister Alexander Downer,[12] former UK City minister Lord Myners,[13] former Chief of the Defence Staff of the British Armed Forces General Lord Richards,[14] and chief executive of Rockefeller & Co Jeffrey Reuben III.[15]

Assets under management and returns

As of December 2018, CQS had $18.1 billion in assets under management.[10]

According to Bloomberg, CQS's main fund gained 30.4% in 2016, posting its best annual returns since 2012.[16]

In April 2020, it was reported CQS's Directional Opportunities Fund posted its biggest ever 30% decline in March.[17]

Office locations

CQS has offices in London, Hong Kong, New York, and Sydney. Affiliates within the group are regulated by the Financial Conduct Authority (FCA) in London, the Securities and Futures Commission (SFC) in Hong Kong and the Australian Securities and Investments Commission (ASIC) in Sydney, and registered with the Securities and Exchange Commission (SEC) in New York.

CQS opened its Sydney, Australia office in 2010[18] and expanded its presence in the country in 2011.[19]

Awards

CQS was included in Institutional Investor's 2012[20] and 2013[21] lists of the Top single-manager hedge fund firms by assets under management and Barron's 2012,[22] 2013,[23] and 2015[24] lists of the "Best 100 Hedge Funds". Bloomberg ranked the CQS Directional Opportunities Fund #3 on its list of the top-performing large hedge funds in 2012.[25] Bloomberg later listed CQS Directional Opportunities Fund #4 on its list of top-performing funds in 2016.[26]

In May 2013, CQS was given three awards at the Financial News Awards for Excellence in Institutional Hedge Fund Management, Europe: Best Hedge Fund Manager Overall, Best Hedge Fund Manager in Credit, and Best Multi-Hedge Fund Manager.[27]

Corporate social responsibility

CQS supports a number of charities and organisations including: 100 Women in Finance, Amber, Australia Day Foundation, EMpower, Fight for Sight, Great Ormond Street Hospital, Greenhouse Sports, Institute of Cancer Research, Institute of Economic Affairs, IC Tennis, Mission Possible, The National Gallery, The National Theatre, Never Such Innocence, New Ways, No Greater Sacrifice, NSPCC, Oxford University Association Football Club, The Royal Flying Doctor Service, sitesALIVE!, and St Martin-in-the-Fields Charity.[28]

Miscellaneous

CQS is known for its successful bets in the US subprime mortgage market.[29]

In May 2012, CQS was reported to be on the opposite side of the infamous JPMorgan trade by Bruno Iskil, in which JPMorgan lost more than $2billion because of its massive position in U.S. credit derivatives.[30]

Adam Werritty reportedly once had a desk at the company’s London base.[31]

References
  1. "The largest managers of hedge funds (P&I Sep 2019)". No. Special Report Hedge Funds. United States: Pensions & Investments. Crain Communications Inc. 16 September 2019. Retrieved 15 October 2019.
  2. "Home". CQS. Retrieved 30 January 2019.
  3. "Who We Are". CQS Website. Retrieved 18 May 2018.
  4. Uribe, Alice (24 March 2014). "Michael Hintze to join Financial Systems Inquiry". Financial Standard. Retrieved 18 May 2018.
  5. "Fair and Effective Markets Review announced by Chancellor of the Exchequer". Gov.uk. 11 July 2014. Retrieved 18 May 2018.
  6. "Global Conference 2016, Michael Hintze". Milken Institute. Archived from the original on 18 May 2018. Retrieved 18 May 2018.
  7. "Financial News FN100 List". efinancialnews.com. Retrieved 30 January 2019.
  8. Zuckerman, Gregory; Chung, Juliet (24 October 2012). "Hedge Funds Belt Few Home Runs". Wall Street Journal. Retrieved 30 January 2019 – via www.wsj.com.
  9. "CONFERENCE SPEAKERS | Sir Michael Hintze". SALT Conference. Archived from the original on 16 September 2017. Retrieved 18 May 2018.
  10. Fletcher, Laurence (21 December 2018). "CQS hires Xavier Rolet for growth push". FT. Retrieved 30 January 2019.
  11. "Sir Michael Peat GCVO". Deloitte UK. Archived from the original on 18 May 2018. Retrieved 18 May 2018.
  12. Dale, Sam (17 April 2018). "CQS appoints ex-Australian foreign minister as non-exec". HFM Week. Retrieved 18 May 2018.
  13. "CQS adds City and military prowess to board". Financial News.
  14. "CQS: Strategic offensive". Financial Times.
  15. Kinder, Tabby (7 March 2018). "CQS names Rockefeller CEO and Bush economics chief to board". FN London. Retrieved 18 May 2018.
  16. Kumar, Nishant (9 Jan 2017). "Hintze's Hedge Fund Said to Surge 30% in Best Year Since 2012". Bloomberg. Retrieved 29 May 2018.
  17. "Michael Hintze's Main Fund Faces at Least 30% Drop in Quarter". Bloomberg.com. 2 April 2020. Retrieved 2020-04-17.
  18. "CQS Seeks To Open Australia Office - FINalternatives". www.finalternatives.com. Archived from the original on 30 January 2019. Retrieved 30 January 2019.
  19. "CQS expands Australian presence - Money Management". www.moneymanagement.com.au. 23 November 2011. Retrieved 30 January 2019.
  20. "Details". Institutional Investor. Retrieved 30 January 2019.
  21. "Institutional Investor". Institutional Investor. Retrieved 30 January 2019.
  22. Uhlfelder, Eric. "Best 100 Hedge Funds". www.barrons.com. Retrieved 30 January 2019.
  23. Uhlfelder, Eric. "Best 100 Hedge Funds". www.barrons.com. Retrieved 30 January 2019.
  24. Uhlfelder, Eric. "Barron's Best 100 Hedge Funds: 2015 List". www.barrons.com.
  25. "The 100 Top-Performing Large Hedge Funds - Bloomberg". Bloomberg News. 2013-01-06. Archived from the original on 2013-01-06. Retrieved 2023-05-26.
  26. "The top hedge funds of 2016 share their best bets for this year". Bloomberg. 1 March 2017. Retrieved 29 May 2018.
  27. Agnew, Harriet. "Hat-trick for CQS at FN Hedge Fund Awards". www.fnlondon.com. Retrieved 30 January 2019.
  28. "CSR". cqs.com. Retrieved 29 May 2018.
  29. "CQS shuts fund built on subprime to newcomers". ft.com. Archived from the original on 30 August 2016. Retrieved 30 January 2019.
  30. "Hedge funds eye further profits from JPMorgan losses". 15 May 2012. Retrieved 30 January 2019 – via uk.reuters.com.
  31. Watt, Holly (11 October 2011). "Liam Fox's friend Adam Werritty linked to Conservative donor". Retrieved 30 January 2019 – via www.telegraph.co.uk.
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