January 22, 2020 / 12:14 PM / 25 days ago

Asset manager CQS says chief executive Rolet to step down

FILE PHOTO: Xavier Rolet CEO, CQS, speaks during the Milken Institute's 22nd annual Global Conference in Beverly Hills, California, U.S., April 29, 2019. REUTERS/Mike Blake/File Photo

LONDON (Reuters) - London-based asset manager CQS, founded by billionaire investor Michael Hintze, said on Wednesday that Xavier Rolet is to step down as chief executive in February and take up a position as strategic adviser.

Rolet, who joined CQS a year ago after leading the London Stock Exchange for a number of years, requested the move for reasons unconnected to CQS and will focus on strategy and client development.

Chief Financial Officer Serge Harry, who worked with Rolet at the LSE, has been appointed deputy-chief executive, CQS said, while Hintze’s role remains unchanged as group executive chairman and senior investment officer.

“We have benefitted hugely from Xavier’s drive and business acumen and have made significant progress during his tenure as CEO,” Hintze said in a statement, citing the company’s expansion into new product areas and several key hires.

“As Strategic Adviser, Xavier will continue to provide the Firm with strategic direction and advice, and use his network to help us with client development.”

News of the decision was previously reported by Bloomberg.

Hintze said the company had performed well over the last year, increasing assets under management by 12.5% to a record $20 billion. Since then, performance in January had been “strong”.

Reporting by Simon Jessop; Editing by Kirsten Donovan

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