Manulife Investment Management, the global wealth and asset management operation of Canada's Manulife Financial Corporation, is to boost its footprint in the private credit space with the acquisition of London-based, multi-sector alternative credit manager CQS.

According to a statement by the company, Manulife IM is to acquire the CQS credit platform, which has roughly $13.5bn in assets under management, and the CQS brand, with current Chief Executive Soraya Chabarek continuing to lead the firm.

Michael Hintze meanwhile, who founded the firm in 1999, will step back from the business to focus on his flagship hedge fund the Directional Opportunities Fund which, along with "certain related mandates", is not part of the deal.

Financial terms of the transactions, which is expected to close in early 2024, have not been disclosed.