French
DeutschCQS (Asset Manager)
 | |
| Industry | Hedge fund |
|---|---|
| Founded | 1999 |
| Founder |
|
| AUM | US$ 7.4 billion (as of Dec 31, 2019)[1] |
| Owner |
|
| Website | cqs |
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.
Their investors include pension funds, insurance companies, sovereign wealth funds, funds of funds, endowments and foundations, and private banks.[3] CQS had successful bets on the US subprime mortgage market.[4]
History
[edit]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 May 2012, it 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.[5]
As of December 2018, CQS had $18.1 billion in assets under management.[6] According to Bloomberg, CQS's main fund gained 30.4% in 2016, posting its best annual returns since 2012.[7]
In April 2020, it was reported CQS's Directional Opportunities Fund posted its biggest ever 30% decline in March.[8]
In November 2023, it was announced that Manulife would acquire CQS.[9] The transaction closed on April 3, 2024.[10]
Office locations
[edit]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[11] and expanded its presence in the country in 2011.[12]
References
[edit]- ^ "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.
- ^ "Home". CQS. Retrieved 30 January 2019.
- ^ "Who We Are". CQS Website. Retrieved 18 May 2018.
- ^ "CQS shuts fund built on subprime to newcomers". ft.com. Archived from the original on 30 August 2016. Retrieved 30 January 2019.
- ^ "Hedge funds eye further profits from JPMorgan losses". 15 May 2012. Archived from the original on March 6, 2016. Retrieved 30 January 2019 – via uk.reuters.com.
- ^ Fletcher, Laurence (21 December 2018). "CQS hires Xavier Rolet for growth push". FT. Retrieved 30 January 2019.
- ^ Kumar, Nishant (9 Jan 2017). "Hintze's Hedge Fund Said to Surge 30% in Best Year Since 2012". Bloomberg. Retrieved 29 May 2018.
- ^ "Michael Hintze's Main Fund Faces at Least 30% Drop in Quarter". Bloomberg.com. 2 April 2020. Retrieved 2020-04-17.
- ^ Agnew, Harriet; Masters, Brooke; Mourselas, Costas (2023-11-15). "Manulife to buy CQS in end of an era for Michael Hintze". Financial Times. Retrieved 2023-11-16.
- ^ "Manulife Investment Management Completes Acquisition of CQS". PR Newswire. Retrieved 2024-04-03.
- ^ "CQS Seeks To Open Australia Office - FINalternatives". www.finalternatives.com. Archived from the original on 30 January 2019. Retrieved 30 January 2019.
- ^ "CQS expands Australian presence - Money Management". www.moneymanagement.com.au. 23 November 2011. Retrieved 30 January 2019.