Former LSE Boss Xavier Rolet Steps Down as Chief of CQS
January 22 2020 - 9:31AM
Dow Jones News
By Julie Steinberg
LONDON -- Xavier Rolet, the former head of London Stock Exchange
Group PLC, is stepping down after a year as chief executive of
investment firm CQS.
Mr. Rolet will exit the top job at CQS to become a strategic
adviser to the firm, which was founded by billionaire Michael
Hintze.
The firm, which has close to $20 billion under management, said
Wednesday that Mr. Rolet is taking the new role for reasons
unconnected with the company and would focus on strategy and client
development.
Mr. Rolet joined in January 2019 as chief executive, a role
previously held by Mr. Hintze. Mr. Hintze will continue as
executive chairman and senior investment officer, while Serge Harry
will become deputy CEO.
The firm doesn't expect a change in strategy, said a person
familiar with the matter.
With Mr. Rolet's appointment, CQS had been trying to manage
larger pots of money and expand beyond its hedge fund roots, The
Wall Street Journal reported at the time.
CQS grew assets under management to $19.85 billion as of the
start of this year from $14.6 billion at the end of 2017.
CQS is predominantly a credit house, though it has been
expanding its equities business. A multiasset strategy fund managed
by Mr. Hintze was up 12% last year, said a person familiar with the
matter, while an asset-backed securities fund was up 8.1%. The
firm's long-only multiasset credit fund was up 6.3% in the same
period.
Mr. Hintze said Wednesday that the firm's operating strength and
capability had been developed under Mr. Rolet's tenure, with new
credit products, the launch of a long-only equities business and a
new team to expand its offering in taking bullish positions on
stocks expected to do well and selling short those expected to
decline.
Before joining CQS, Mr. Rolet spent close to a decade at the
London Stock Exchange, helping to boost the company's market value.
He left in 2017 amid a fight between an investor in the LSE and its
chairman over succession planning.
Mr. Rolet and Mr. Hintze met in 1984 as bond traders at Goldman
Sachs Group Inc. in New York.
Write to Julie Steinberg at julie.steinberg@wsj.com
(END) Dow Jones Newswires
January 22, 2020 09:16 ET (14:16 GMT)
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