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From the Opalesque Team: According to industry sources, the CQS ABS Fund returned 13.25% in November, bringing year-to-date net returns to 71% and following on from the Fund’s 45% return in 2007.

Managed by Alistair Lumsden and Steve Swallow, the CQS ABS Fund has US$500m under management and is one of the stable of funds managed by CQS, which was founded by Michael Hintze in 1999. CQS has US$7.5bn of assets under management.

The Fund has been selectively adding to its long cash bond positions on an unlevered basis, although it retains its short bias. Its strategy is analytically-driven, focusing on loan-by-loan analysis conducted by the team’s four dedicated ABS analysts and by CQS’ wider credit and equity research team, and is supported by the firm’s extensive operations and risk infrastructure. It relies on its own analysis and due diligence and seeks to take advantage of opportunities in the current distressed market.

Lumsden and Swallow have over 35 years’ experience in mortgage markets between them. They met at Abbey National in 1997 and later managed a structured investment vehicle at Rabobank, before joining CQS in 2006. Corporate website: Source

Ali Lumsden participated in Opalesque`s London Roundtable on June 5th. The UK Roundtable issue can be downloaded here.......................

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