Ex-CQS manager Alistair Lumsden launches new credit fund

LONDON Wed May 7, 2014 6:26am EDT

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LONDON (Reuters) - Hedge fund East Lodge, founded by ex-CQS portfolio manager Alistair Lumsden, has opened to external money, a letter to investors seen by Reuters showed.

East Lodge has launched the East Lodge Capital Credit Opportunities Fund and is targeting assets under management of $250 million within three months, a source close to the company added.

Lumsden previously managed $3.2 billion for hedge fund CQS, with a focus on asset-backed securities.

Estimated performance during April, when the fund used just internal money, was 4.27 percent, the investor letter showed.

(Reporting by Simon Jessop; editing by Chris Vellacott)

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