CQS Plans Listed Hedge Fund Vehicle

Oct 18 2010 | 11:39am ET

CQS is dipping its toe into the publicly-listed waters, with plans to launch a hedge fund on the London Stock Exchange.

The US$7 billion firm's first listed vehicle will invest in the hedge fund's Diversified Fund, which itself invests in CQS's other hedge funds, the Financial Times reports. The Diversified Fund is up almost 22% this year after a 7.69% September surge, and has enjoyed a 10% annualized return since its debut in 2007.

CQS has yet to set a target amount to be raised by the share sale. RBS Hoare Govett will serve as bookrunner and is to begun gauging interest among investors this week.

The new fund will feature a provision that triggers a continuation vote if its shares trade at a discount of more than 5%.

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