Hedge-fund billionaire Michael Hintze steps up succession planning at his flagship fund after it suffered a record 40% loss this year, report says
- Hedge-fund billionaire
Michael Hintzeis stepping up succession plansfor leadership at his firm CQSafter it suffered a record 40% loss this year, Bloombergsaid.
- Hintze is forming a group of senior partners that will together create firm-wide strategy initiatives and share higher equity stakes, according to a letter seen by Bloomberg.
- The formation of the group "reinforces our succession planning," Hintze said.
- CQS suffered a 45% loss at his flagship fund in March and April this year after the firm's investments ran into deep trouble during the COVID-19 crisis.
Billionaire trader Sir Michael Hintze is officially identifying senior leadership at his flagship London-based firm, according to Bloomberg, after it suffered a record 40% loss this year.
The investor revealed intentions to establish a group of senior partners at CQS, according to his note to clients seen by Bloomberg.Michael Peat, Soraya Chabarek, Prakash Narayanan, Craig Scordellis, and Jason Walker would make up the group. Aside from developing strategy together, the senior partners will share higher equity stakes in CQS, Bloomberg said.
The billionaire's change in strategy involved a promotion for Chabarek, who was previously the global head of distribution and business development, to an Executive Board member along with Hintze and Peat, according to the news agency.Read More: RBC says buy these 25 healthcare-tech stocks to reap the benefits of the US digital health industry, which has been accelerated by 5 years because of COVID-19
CQS did not immediately respond to Business Insider's request for comment.
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