Citadel, CQS Veterans Plan New Hedge Fund Firm From Four Existing Managers

Jul 15 2010 | 12:18pm ET

Two former executives from Citadel Investment Group and CQS Management are planning a new hedge fund firm borne of four existing firms with as much as $3.5 billion in assets under management.

Foxley Asset Management is the brainchild of Paul Hamill and Grant Thompson. The New York- and London-based firm will begin with the four unidentified firms before adding additional management teams, HFMWeek reports.

Each of the four founding firms will be merged into a single partnership and share equity in Foxley’s management company. Each is expected to bring their whole teams into the new venture, with all fees and service provider relationships remaining intact. Foxley, which is seeking seed investors, will provide front- and back-office operations for the management teams.

“With the convergence of traditional and alternative asset management products, there seems to be a great opportunity to do something a little different,” Thompson, former co-CEO of CQS, told HFMWeek. Foxley plans to add a long-only manager after the merger, which requires the approval of U.S. and British regulators.

The four firms each manage between $600 million and $1.3 billion, with long/short equity, event-driven, distressed and specialist credit strategies. Once combined, Foxley plans to offer levered and long-only versions of their strategies.

Hamill was chief operating officer of Citadel Investment Group’s European unit before planning Foxley. He also formerly worked at ING Barings and Bankers Trust. Thompson was a hedge fund relationship manager at Barclays Capital and a prime brokerage executive at UBS before joining CQS.

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