A deal between Michael Hintze's CQS and its equity hedge fund spinoff has collapsed as the billionaire renews focus on his core credit investing roots in a turbulent year marred by record losses.
CQS was to take an equity stake in the business — Landseer Asset Management — and allocate some capital to it. But Mr. Hintze's firm and Landseer, led by former CQS head of equities Paul Graham, have now abandoned the plan, according to people with knowledge of the matter.
Landseer instead went ahead alone and started an equities long-short hedge fund in October managed by Andrew Billett, the people said, asking not to be identified because the information is private. Mr. Billett was hired by CQS earlier this year to start such a fund.
Spokesmen for CQS and Landseer declined to comment.