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February 11, 2008
CQS New City¹ today announces the successful launch of New
City Energy Limited (the “Company”) with initial assets
of £24.5 million. The Company’s securities were admitted
to the Official List of the Channel Islands Stock Exchange on 8
February 2008. The Ordinary Shares commenced trading on the International
Board of the London Stock Exchange on 11 February 2008 under the
ticker code NCE².
New City Energy Limited is a closed end Jersey-based listed fund
that will invest in energy securities worldwide. The Company’s
initial focus will be on oil & gas exploration, development
and production companies and it will target an initial gross annual
yield in excess of 3%, payable quarterly.
Merfyn Roberts, Andrew Ferguson and Richard Lockwood will be responsible
for managing the Company’s portfolio.
Commenting on the Company’s successful launch, Richard Lockwood,
Senior Fund Manager at CQS New City, said:
“We are pleased to have received the support of a broad base
of investors from the UK, mainland Europe, Asia and the Americas.
We believe New City Energy Limited provides investors with an innovative
vehicle for energy investment at a time when we see attractive valuations
in the energy sector.”
¹ CQS New City is the brand name for New City Investment Managers
Limited, a wholly owned subsidiary of CQS
² NCE LI – Bloomberg
New City Investment Managers Limited (“New City”) was
established in 2OO4 to provide specialist fund management services
for investors.
New City's founder is Richard Lockwood, who has worked in the City
since 1959. Joining Richard Lockwood at the inception of the Company
was Andrew Ferguson. Both Richard Lockwood and Andrew Ferguson believe
that it is important to give investors clear expectations, to apply
a proven investment process to meet these expectations and, importantly,
to keep investors in touch.
Effective 1st October 2007 New City joined CQS, the US$8.6 billion
alternative asset manager.
The combination of CQS and New City creates an asset management
business with US$9.2 billion assets under management, as at 1st
September 2007. The group manages a family of market-neutral absolute
return and directional funds, comprising hedge funds, multi-asset
directional portfolios, loan portfolios and listed funds (including
investment trusts).
CQS and New City believe they will benefit from complementary and
adjacent skill sets in natural resources and fixed income, supported
by CQS’ robust operational and risk infrastructure platform.
Commenting, Michael Hintze, CEO of CQS, said: “We are delighted
to have the New City team working with us at CQS. This combination
is part of our strategy to expand product and geographic reach.
Both firms share a like-minded investment philosophy based on fundamental
research and we look forward to building on each others’ adjacent
strengths. There are exceptional opportunities in global asset management
and we are well positioned to deliver these to investors.”
Richard Lockwood, CEO of New City, added: “We are impressed
by the capabilities and depth of the CQS group. Providing the best
for our clients is of paramount importance to us and the combination
of CQS and New City provides a strong platform for us to continue
delivering investment performance and identifying new opportunities
from which our clients may benefit.”
Please note our new address and telephone numbers.
New City Investment Managers Limited
5th Floor
33 Chester Street
London
SW1X 7BL
tel: + 44 (0) 207 201 6900
fax: + 44 (0) 207 201 1200
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