Michael Hintze sells his managed funds company CQS

The news: Australian expat billionaire Michael Hintze is selling his managed funds company CQS to Canadian insurer and money manager Manulife Investment Management.

The numbers: Manulife will snap up the London-based CQS credit platform and brand for an undisclosed sum. The CQS credit platform has about USD13.5 billion in assets under management as of 31October, 2023.

The context: CQS was founded in 1999 by Lord Hintze as a hedge fund manager, and has grown into a multi-sector credit platform. The transaction is expected to close in early 2024 subject to regulatory approvals. Lord Hintze will be forming his own firm under which he will continue to manage his fund on behalf of investors. "I'm delighted that CQS has found the right partner in Manulife Investment Management," he said.