British Defense Chief On Defensive Over Friend's Ties To CQS

Oct 12 2011 | 6:29am ET

The U.K.'s defense secretary is in hot water over his relationship with a top hedge fund manager.

The media and members of the opposition Labour Party have called for the resignation of Liam Fox after it emerged that a friend of Fox's had been given a free desk at the offices of CQS, the hedge fund headed by major Conservative Party donor Michael Hintze. It is unclear what, if anything, Adam Werritty does for Hintze or CQS, or what, if anything, Fox did to help his friend.

But in addition to the office space, Hintze also flew Fox and Werritty back from the U.S. in May. Sources close to the hedge fund manager deny that Werritty has been paid by the hedge fund.

It is thought that Werritty works as a lobbyist; The Telegraph reports that Fox has told friends that Werritty has five clients.

According to a former girlfriend of Werritty's, "he literally had an office there" at CQS, "tucked away in the administration area. He was off the floor, he wasn't part of the hedge fund. He was just given free office space."

Contacted by the Telegraph, a receptionist appeared to indicate that Werritty did, in fact, work out of CQS' offices.

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