"CQS is a special place. A place where people are intellectually stimulated and do exceptional things, and where agile minds work powerfully and nimbly together. I thrive on the 'battle of ideas' and love the business"
Sir Michael Hintze, Founder and CEO
CQS is a credit-focused multi-strategy asset manager founded by Sir Michael Hintze in 1999. Our deep experience allows us to offer solutions for investors across a range of return objectives and risk appetites. We are an active asset manager with expertise across the credit spectrum, including corporate credit, structured credit, asset backed securities, convertibles and loans. We are committed to delivering performance and high levels of service to our investors.
CQS has offices in London, New York, Hong Kong, Jersey and Sydney.
To us investment is about finding value where it is hard to identify. Looking further and deeper permeates everything we do. We are very clear about our strengths and focused on our core capabilities, in which we have a proven track record.
CQS (UK) LLP (FRN 400496) is authorised and regulated by the Financial Conduct Authority.
In the UK, this Website is directed only at persons who (i) have professional experience in matters relating to investments who fall within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 ("FPO"), (ii) are high net worth companies, unincorporated associations, etc. within Article 49 FPO or (iii) are persons to whom it otherwise lawfully may be communicated (including, for the avoidance of doubt, such persons that fall within a specified exemption under the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 or COBS 4.12 of the Financial Conduct Authority Conduct of Business Sourcebook).
All persons who fall within the above categories are deemed "Relevant Persons". Any investment or investment activity to which this Website relates is available only to, and will be engaged in only with, Relevant Persons. Any person in the UK who is not a Relevant Person should not act or rely on this Website or any of its content.
Disclaimer - Legal Information
This page advises you of the terms of use of this website http://www.cqs.com (the "Website"). Please read these terms of use carefully before you start to use the Website. By using the Website, you represent that you accept and agree to abide with these terms of use. If you do not agree to these terms of use, please refrain from using the Website.
1. Recipients of Communication
The information in the Website is issued by CQS (UK) LLP or certain of its affiliated entities (together "CQS", "we" or "us") for and on behalf of various investment entities managed or advised by CQS (the "Funds") and is not directed to any person in any jurisdiction where the publication or availability of this Website is prohibited or by reason of that person's nationality, residence, domicile or otherwise CQS would become subject to licence or registration regulations of that jurisdiction. Persons in respect of whom such prohibitions apply must not access this Website.
2. Accessing the Website
Access to certain areas of the Website requires possession of a valid password provided by us. A user who is provided a password should not disclose that password to any other person or allow any other person to gain access to restricted areas of the Website using that password. Users are accountable for the storage and use of their passwords. If a password becomes lost or stolen users must contact us to cancel the password and be issued a replacement. No unauthorised person should attempt to gain access to any restricted area of the Website. We disclaim all liability for any loss a user may suffer from access to the Website by an unauthorised person.
3. Risk Considerations
Past performance of the Funds and investments described herein cannot be relied upon as a guide to future performance. No representation or warranty, express or implied, is made regarding future performance. Opinions and/or estimates reflect a judgement at the original date of publication and are subject to change without notice. The price, value and income from any of the investments mentioned in this Website may fall as well as rise and we cannot guarantee that any capital invested will maintain or increase in value.
Users of this Website should seek independent financial, legal, or tax advice prior to making any investment decision and no information herein shall constitute general or specific investment, legal, tax or accounting advice of any kind. There is always a risk that any capital invested could incur a substantial or complete loss.
4. Calculation of Performance Information
Unless otherwise indicated, Fund performance figures included in this Website are net of fees and operating expenses and are unaudited.
5. Accuracy of Information
No representation, warranty or undertaking is given by us that the information contained in this Website is accurate, complete, comprehensive, or up to date, and no liability is accepted by us for such information. In particular, we shall not be obliged to remove any outdated information from this Website or to expressly mark it as outdated. In no event will we be liable to any person for any direct, indirect, special or consequential damages arising out of any use of the information contained on this Website, or on any other hyper-linked website, including, without limitation, any lost profits, business interruption, loss of programs or data on your equipment, or otherwise, even if we are expressly advised of the possibility or likelihood of such damages. This does not exclude or restrict any duty or liability that we have under any regulatory system where to do so would breach law or regulation.
6. Stock exchange prices and exchange rates
The prices/values shown on this Website in relation to different underlying securities for a listed Fund (if any) are based on the prices notified to the Fund as the last sale price of the relevant securities on the stock exchange on which they are traded (delayed up to 20 minutes) as at the time and date shown. Neither the Funds nor CQS have verified any of the stock exchange or other information contained on this Website and it should be verified separately before relying on it. Prices and values shown on the Website may vary throughout the course of, and between, stock exchange trading days, market trading times and business days in general.
7. No Offer or Advice
Neither the information posted on, nor any opinions contained within pages of, this Website constitutes a public offer under any applicable legislation or an offer or solicitation or recommendation to buy or sell any securities or financial instruments, to effect any transactions, or to conclude any legal act of any kind whatsoever. If the information and opinions contained in this Website would be categorised as constituting a public offer under the legislation of the jurisdiction from which you wish to access the Website, you must not access the Website.
The information included in this Website has been prepared for information purposes and does not constitute any financial, investment, legal, tax or other advice or recommendation with respect to any securities or other financial instruments referred to herein, it is not tailored for any particular investor, and does not otherwise constitute, and may not be construed as, individual investment advice. You should obtain relevant and specific professional advice before making any investment decision.
8. General Selling Restrictions
The Funds’ shares or interests (“Interests”) have not been and will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act") or any other applicable law of the United States. The Funds, unless expressly stated otherwise, have not been registered under the US Investment Company Act of 1940, as amended. Shares in the Funds may not be offered, sold, transferred, distributed or otherwise delivered directly or indirectly in the United States or to or for the account of any US Person (as defined in Regulation S under the US Securities Act). Subject to certain exceptions, the securities referred to herein and on the pages that follow may not be offered, sold, resold, taken up, exercised, renounced, transferred, delivered or distributed, directly or indirectly, in Australia, Canada, or Japan or to any resident or citizen of Australia, Canada, or Japan. The offer and sale of the securities referred to herein and on the pages that follow have not been and will not be registered under the applicable securities laws of Australia, Canada, or Japan.
9. Important Information for Investors in Switzerland
The following web pages contain information on foreign collective investment schemes which have not been approved by the Swiss Financial Market Supervisory Authority (FINMA) for distribution in or from Switzerland to non-qualified investors in accordance with Article 119 et seq of the Federal Act on Collective Investment Schemes of 23 June 2006 ("CISA"). The information contained in the following pages is only directed to "qualified investors" within the meaning of Article 10 CISA with domicile/registered seat in Switzerland.
By clicking on the button "ACCEPT" you certify that you are a qualified investor with domicile/registered seat in Switzerland and that you have read, understood and accepted the legal terms and conditions following below.
Qualified investors pursuant to Article 10 para 3,3 bis and 3 ter CISA are in particular:
1. regulated financial intermediaries, such as banks, securities dealers, fund management companies and asset managers of collective investment schemes and central banks;
2. regulated insurance companies;
3. public entities and retirement benefits institutions with professional treasury facilities;
4. companies with professional treasury facilities; and
5. high-net worth individuals which fulfil the requirements of Article 6 of the Ordinance on Collective Investment Schemes of 22 November 2006.
In the event that you are an "independent asset manager" and fulfil the requirements of Article 3 para 2 lit. c CISA, you certify that you will use the information on this website exclusively for those of your clients that are considered as qualified investors within the meaning of Article 10 CISA.
10. Important Information for Investors in the UK
In the UK, this Website is directed only at persons who (i) have professional experience in matters relating to investments who fall within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 ("FPO"), (ii) are high net worth companies, unincorporated associations, etc. within Article 49 FPO or (iii) are persons to whom it otherwise lawfully may be communicated (including, for the avoidance of doubt, such persons that fall within a specified exemption under the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 or COBS 4.12 of the Financial Conduct Authority Conduct of Business Sourcebook).
All persons who fall within the above categories are deemed "Relevant Persons". Any investment or investment activity to which this Website relates is available only to, and will be engaged in only with, Relevant Persons. Any person in the UK who is not a Relevant Person should not act or rely on this Website or any of its content.
11. Important Information for Investors in the European Economic Area
In relation to each member state (each a “Member State”) of the European Economic Area (the “EEA”) which has implemented the Alternative Investment Fund Managers Directive (the “AIFMD”) (and for which transitional arrangements are not/no longer available), the contents of this Website may only be accessed and Interests in a Fund may only be offered or placed in a Member State to the extent that: (1) the relevant Funds are permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (2) this Website may otherwise be lawfully accessed and the Interests may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor).
In relation to each Member State of the EEA which, at the date of access to this Website, has not implemented the AIFMD, this Website may only be accessed and Interests may only be offered or placed to the extent that this Website may be lawfully accessed and the Interests may lawfully be offered or placed in that Member State (including at the initiative of the investor).
12. Important Information for Investors in Hong Kong
In Hong Kong, this Website is directed only at persons who qualify as "professional investors" as defined in the Securities and Futures Ordinance (the "SFO") and the Securities and Futures (Professional Investor) Rules made under the SFO.
The information contained in this Website does not constitute an "offer to the public" within the meaning of the Hong Kong Companies Ordinance, and is not an advertisement, invitation or document relating to any securities or collective investment schemes or any other investment under the SFO.
None of the Funds and/or products described in this Website have been authorised by any regulatory authority in Hong Kong. Any investment or investment activity to which this Website relates is available only to, and will be engaged in only with, professional investors. Any person who is not a professional investor should not act or rely on this Website or any of its content.
13. Copyright, Trademarks and Other Rights
We and/or our associates own the copyright in the content of this Website, unless otherwise stated. You may use the information on this Website and reproduce it in hard copy for your personal reference only. Such information may not otherwise be reproduced, distributed or transmitted to any other person or incorporated in any way into another database, document or other materials without our permission. Nothing on this Website should be considered as granting any licence or right under any trademark of us, our associates, or any third party.
14. Hyperlinks
This Website may provide addresses or hyperlinks which lead you out of the Website. Except to the extent to which the Website refers to our own website material, we have not reviewed any such websites which link to this Website or to which this Website links, and are not responsible for the content of any other websites or pages linked to or linking from this Website. Such addresses or hyperlinks are provided solely for your convenience and information and are completely beyond our control. Accessing such websites or following such links to any other websites or pages shall be at your own risk. We do not assume any responsibility for the accuracy, completeness or legality of the contents of such websites, or for any offers or services contained therein.
15. Privacy and Cookies
We are concerned about the privacy of any personal information you may provide to us through this Website. A "cookie" is a piece of information that is saved to your computer's hard disk by the web server. Confirmation of your reading and accepting these terms and conditions will place a cookie on your computer's hard disk. This will ease your navigation around this Website by not popping up these terms and conditions again during this browser session. The cookie is temporary and will be removed when you close your browser. The cookie is not used for any other reason. You are not obliged to accept a cookie that we send you, and you can modify your browser so that it will not accept cookies.
Use of this Website shall be governed in accordance with the laws of England and Wales and the courts of England and Wales shall have exclusive jurisdiction over any dispute (including any dispute relating to non-contractual obligations) arising out of your use of this Website.
18. Changes to the Website
The information on this Website, including these terms and conditions, are subject to change without notice. We have the right to suspend or withdraw the provision of all or any of the information on the Website without prior notice at any time. You agree to review these terms of use regularly and your continued use of the Website will mean you agree to any changes.
19. Severability of Provisions
Any provision of these terms of use that is prohibited or unenforceable in any jurisdiction is ineffective as to that jurisdiction to the extent of the prohibition or unenforceability. That does not invalidate the remaining provisions of these terms of use nor affect the validity or enforceability of that provision in another jurisdiction.
20. Indemnity
You shall be liable to us for any loss, liability or cost we suffer as a result of your use of the Website or any breach of these terms. You agree to indemnify, defend and hold harmless us and our agents, employees and third party sources from and against any and all suits, losses, claims, demands, liabilities, damages, costs and expenses (including properly incurred attorneys' fees) that arise from or relate to: (a) your use of the Website; (b) your breach of these terms; or (c) your violation of any applicable law, statute, ordinance, regulation or of any third party's rights.
This website and its content can only be accessed if the disclaimer is accepted. To enter the site, please read and accept the disclaimer
Cookies Policy
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Environmental awareness, social responsibility and commitment to good governance is at the heart of CQS' culture, business ethics and shared company values.
Our Firm-wide commitment to responsible investing goes beyond integrating ESG factors into our business and investment practices, and includes promoting and nurturing a conscientious mind-set and a commitment by all employees to good global citizenship and stewardship.
Responsibility
CQS is committed to operating in a socially responsible manner, embedding strong and clear governance, and conducting our business in a sustainable way.
Driver
In its role as an investment manager, CQS views ESG factors as a key driver of financing costs, valuations and performance, while also being capable of acting as a lever to shape and influence the world for generations to come.
Investment
Through the embedding of ESG into our investment process we seek to enhance our ability to identify value, investment opportunities and, critically, to generate the best possible returns for our clients.
Assessment
The integration and assessment of ESG factors is a crucial part of our commitment across the CQS investment platform, both in public and privately held companies, and a key factor in our decision-making.
Five Stages of Responsible Investment Integration
1 Incorporate
1 Incorporate
Incorporation of third-party ESG metrics and data into CQS’ systems
2 Evaluate
2 Evaluate
Evaluation of ESG factors in our sector research process.
Includes analysis to formalise company specific internal ESG ratings and their trajectory
3 Decide
3 Decide
Portfolio Managers consider research analysis as part of investment decision making.
4 Engage
4 Engage
Influence and change corporate behaviour towards identified ESG risks and issues.
Targeted Engagement Programmes.
5 Monitor
5 Monitor
Periodic research re-assessments.
A watching brief across news wires for developing ESG considerations.
1 Incorporate
Incorporation of third-party ESG metrics and data into CQS’ systems
2 Evaluate
Evaluation of ESG factors in our sector research process.
Includes analysis to formalise company specific internal ESG ratings and their trajectory
3 Decide
Portfolio Managers consider research analysis as part of investment decision making.
4 Engage
Influence and change corporate behaviour towards identified ESG risks and issues.
Targeted Engagement Programmes.
5 Monitor
Periodic research re-assessments.
A watching brief across news wires for developing ESG considerations.
Our Approach to Responsible Investment
We are continuously looking to develop our approach to Responsible Investment. Collaboration with industry experts is an essential way of striving for best practice, and delivering the outcomes that are expected from our investors.
Our Responsible Investing Policy
Our Policy details the embedding of responsible investing into our investment process to enhance our ability to identify value, access investment opportunities, and critically to generate the best possible returns for our clients.
Please Click Here for the latest version of the Policy.
A number of CQS Strategies have a dedicated Statement of Intent. Such Strategies go further in their commitment to Responsible Investing by outlining their own approach and minimum expectations. For more information, please contact your regular sales coverage or email CQSClientService@cqsm.com
Signatory & Support
In our first year of reporting for the Principles for Responsible Investment , we are pleased to confirm CQS scored an A for the Strategy & Governance of our overall process, and across each of the three direct fixed income modules, we scored a B.
CDP (formerly the Carbon Disclosure Project) is a key collaboration amongst asset owners and asset managers in the drive for greater transparency on Climate Change, Forestry & Water Stress.
CQS is a public supporter of TCFD (Task Force on Climate-related Financial Disclosures), with climate disclosures a core component of our ESG Engagement Framework.
Industry Collaboration
We are pleased to have collaborated with SBAI (Standards Board for Alternative Investments) to produce the Review on Responsible Investment Regulatory Expectations.
We are committed to building a resilient diversified business across mind-set, background and approach.
Cognitive diversity, i.e. diversity of thought has always been at the heart of our Firm.
At all levels we encourage candidates from a wide range of backgrounds.
Engagement in a Number of Initiatives
CQS is a founding partner of a new social network initiative on Diversity & Inclusion, ‘All of Us’, supports the “100 Black Interns” initiative and is one of the twenty founding partners of Kickstart Money, in association with MyBnk, with the aim of making basic financial literacy a statutory part of the primary school curriculum.
Corporate Social Responsibility
CQS strives to ensure best practice with regard to Corporate Social Responsibilities initiatives and seeks to be a responsible actor and to protect the quality of lives and livelihoods of those working for CQS and those impacted by our business, including in the local and wider communities.
CQS supports a range of charities and organisations which are important to us as a Firm, the asset management industry and the communities in which we operate. Over the last 12 months, these include: