Alistair Lumsden, chief investment officer of a CQS U.K. hedge fund focused on asset-backed securities, has left the $11.9 billion firm.
Mr. Lumsden, who managed the $2.3 billion CQS ABS Fund, was replaced by Simon Finch, the firm said in a note to clients Tuesday. Mr. Finch is CIO of credit at CQS.
CQS spokesman Michael Rummel declined to comment.
The CQS ABS Fund has an 11-person team run out of New York and London, according to the letter. It has produced average annual gains of 28% since inception in 2006, and has risen 14% through Oct. 31, according to a separate note to clients.