International law firm Simmons & Simmons has advised multi-sector alternative credit manager CQS on its acquisition by Manulife Investment Management.
Operating for over two decades across multiple sectors, CQS is one of the leading alternative credit managers, holding approximately $16 billion in assets as of June 2023.
The London-based firm offers a range of alternative credit strategies – including corporate credit, asset backed securities (ABS), collateralised loan obligations (CLOs), regulatory capital, convertible bonds, and structured credit.
CQS was founded by Lord Hintze in 1999. Lord Hintze’s hedge fund and certain related mandates are not included in the transaction. Lord Hintze will be forming his own firm under which he will continue to manage his funds on behalf of investors.
The transaction is expected to complete in early 2024, subject to closing conditions and regulatory approvals. Manulife will then acquire the CQS credit platform, along with the CQS brand, intending to align it as “Manulife | CQS Investment Management”.
Simmons served as legal counsel to CQS for the transaction, with a team led by corporate partner Ania Rontaler.
Commenting on the acquisition, Ania Rontaler said: “This is a significant deal for the industry and an important, strategic move for both parties that will yield long-term benefits. The Simmons corporate team is really pleased to have advised CQS, drawing on our wide expertise in asset manager M&A across all our practice areas.”
Soraya Chabarek, CEO of CQS, commented: “Simmons & Simmons expertly supported us through this major milestone for our clients, our staff and our business. Ania and her highly professional and astute team were steadfast in their guidance. It was a pleasure working with someone so experienced and calm – a truly trusted partner.”
