UK - CQS, a London-based hedge fund, has revealed it will acquire investment manager New City creating an asset management business with US$9bn of assets under management.
CQS said the acquisition was part of its strategy to expand its product and geographic reach.
Michael Hintze, CEO at CQS, commented: “Both firms share a like-minded investment philosophy based on fundamental research and we look forward to building on each others’ adjacent strengths.
Hintze added: “There are exceptional opportunities in global asset management and we are well positioned to deliver these to investors.”
New City manages and advises two London Stock Exchange listed investment companies and a Channel Island Stock Exchange listed fund, all specialising in natural resource equities.
As at 31 August 2007, it managed and advised assets of £282m.
In a separate development, during August this year, Global Pensions reported that pension funds invested in CQS’s Feeder Fund had voted to have part of their redemption notice period extended from 90 days to 12 months.
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