Xavier Rolet is stepping down as chief executive officer of billionaire Michael Hintze's hedge fund firm, just a year after taking the job.
Mr. Rolet, former CEO of the London Stock Exchange Group, joined London-based CQS in January 2019 to free Mr. Hintze to focus on investing. The abrupt departure comes as the firm is growing its assets under management and is hiring more staff.
Mr. Rolet is stepping down for "reasons unconnected with CQS," the money manager said in an emailed response to queries from Bloomberg News. He will become a strategic adviser to the firm and Serge Harry has been appointed deputy CEO. The move will be effective February.
"Xavier will continue to provide the firm with strategic direction and advice, and use his network to help us with client development," Mr. Hintze said in the statement. Mr. Hintze, who was previously CEO when Mr. Rolet joined, will continue as CQS's group executive chairman and senior investment officer.
As one of the largest credit-focused hedge fund firms in Europe, Mr. Hintze's firm has built up assets to a record $19.8 billion from $14.6 billion two years ago. CQS is expanding its asset management arm, including a recently launched fund focused on North American equities, and hired Paul Graham, former CEO of AlphaGen Capital, as its new head of equities.
Messrs. Hintze and Rolet have known each other for more than three decades and sat next to each other when they worked at Goldman Sachs Group earlier in their careers. Mr. Rolet, who joined the LSE in 2009, left the stock exchange in 2017 after a public spat between the board and activist investor Chris Hohn. In his tenure at LSE, he led a series of successful deals that gave the stock exchange control of the world's largest clearinghouse and made it one of the biggest compilers of financial indexes.