CQS founder Michael Hintze is expected to relaunch his flagship hedge fund at new firm Deltroit Asset Management in March having agreed the sale of the $13.5bn CQS credit platform and the CQS brand to Manulife Investment Management in November last year, according to a report by Bloomberg.
The report cites people with knowledge of the matter as confirming that the new fund will have about $2bn in assets when it begins trading. Its predecessor, Hintze’s CQS Directional Opportunities fund – which was excluded from the Manulife sale – had around $1.2bn in assets, according to a December investor letter seen by Bloomberg, with the additional funds reportedly coming from “related investment mandates”.
According to one of Bloomberg’s sources, Hintze plans to use portfolio management technology and data platform Coremont, a spinout from Brevan Howard Asset Management, to help run the fund, which lost almost 35% (about $1bn) in 2020, but has still managed to make money every year since, including a 6.7% gain in 2023.
The name of Hintze’s new firm comes from a property he owns in his native Australia, Deltroit Station, a 2,500-hectare (6,178-acre) farmland estate that has previously played host to British royalty.
