Billionaire Hedge Fund Hintze’s Deal With Spinoff Team Falls Apart
- CQS planned to take an equity stake and give money to Landseer
- The asset manager instead started a stock hedge fund alone
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A deal between Michael Hintze’s CQS and its equity hedge-fund spinoff has collapsed as the billionaire renews focus on his core credit investing roots in a turbulent year marred by record losses.
CQS was to take an equity stake in the business -- Landseer Asset Management -- and allocate some capital to it. But Hintze’s firm and Landseer, led by former CQS head of equities Paul Graham, have now abandoned the plan, according to people with knowledge of the matter.