CQS U.K. LLP said Alistair Lumsden, who managed a hedge fund focused on asset-backed securities, has left the $11.9 billion firm.
Lumsden, chief investment officer of the $2.3 billion CQS ABS Fund, was replaced by Simon Finch, the London-based firm said in a note to clients today. Finch is chief investment officer of credit at CQS.
The ABS fund has produced average annual gains of 28 percent since inception in 2006, and has risen 14 percent through October of this year, according to a separate note to clients. Hedge funds focused on asset-backed securities, including bonds linked to mortgages, outperformed rivals in 2012 as the U.S. housing market rebounded and the Federal Reserve expanded its purchases of debt.
CQS spokesman Michael Rummel declined to comment.
Finch has worked in asset management for more than 18 years. Before joining CQS, he ran the asset-backed security business at Abbey National Plc, according to the client letter.
The CQS ABS fund has an 11-person team run out of New York and London, according to the letter.
Michael Hintze founded CQS in 1999. Hintze previously traded convertible bonds at Credit Suisse Group AG.