LONDON Hedge fund firm CQS has lost the head of its more than $2 billion asset-backed securities unit, according to a letter sent to investors on Tuesday.
London-based CQS, which is one of Europe's biggest hedge fund firms with $11.9 billion in assets, said in a note that Alistair Lumsden, chief investment officer of ABS, had left the firm.
CQS has handed responsbility for the unit, which comprises an ABS fund with more than $2 billion in assets and a smaller ABS Alpha fund, to Simon Finch, the firm's chief investment officer for credit.
CQS declined to comment.
"The ABS business is well-positioned and the 11-strong New York and London-based ABS team has significant depth and breadth of experience in the analysis and portfolio management of ABS strategies," it said in the note.
CQS is headed by Michael Hintze, ranked sixth in this year's Sunday Times Hedge Fund Rich List with a 580 million pound fortune.
(Reporting by Laurence Fletcher. Editing by Tommy Wilkes)