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.

Richard began his investment career in 1959 with Govett and Co in London. After working in the Private Client department, Richard developed his expertise in the resources sector with the successor firm, Hoare Govett. Richard's experience broadened through work in South Africa and Australia, where his responsibilities included the Tokyo office of Hoare Govett. He was made a partner of the firm in 1976.

In 1988, Richard joined INVESCO where he was responsible for establishing in 1991 City Merchants High Yield Trust which became a successful high yield investment company listed on the London Stock Exchange. City Merchants won a number of awards including 'Best High Yield Investment Trust 2001 and 2002'. Richard was sole investment manager of the Trust until 2003. During this 12 year period City Merchants achieved a compound return for shareholders of over 13% p.a. This turned GBP £1000 investment into over GBP£5000.

In 2003, Richard joined MIDAS Capital, the specialist Liverpool and London-based investment manager. While at MIDAS, Richard was successful in submitting proposals to Aberdeen Latin American Investment Trust for a change in mandate to resources equities, resources convertibles and fixed interest and other fixed income securities. Once approved in June 2003, Richard was appointed investment manager of the renamed trust, City Natural Resources High Yield Trust. City Natural completed a successful fund raising and now manages assets of over GBP £100m.

Also while at MIDAS, Richard and Andrew submitted proposals to Aberdeen Convertible Trust and were appointed investment managers of the Trust in 2004. Aberdeen Convertible Trust, renamed to New City High Yield Fund Limited, with assets managed of over GBP £80m.

Working with Richard Lockwood on managing City Natural Resources High Yield Trust and New City High Yield Fund Limtied is Andrew Ferguson. Andrew is a mining engineer and worked in Western Australia for Western Mining Corporation and a number of junior mining companies before returning to the UK where he worked for a natural resource broking house and then for a period in Private Client Wealth management.

In January 2006, Adam Cooke joined the Company to spearhead the Company's main principal of maintaining close shareholder contact and develop new business ideas. Adam was a global partner of INVESCO, the FTSE 100 fund manager from 1993 - 2004 and had worked for the UK operations, INVESCO Perpetual, for over 20 years.

In July 2006, New City was appointed investment adviser to Geiger Counter Limited, a new Jersey company established to invest in uranium and nuclear related assets. Geiger Counter is quoted on the Channel Islands Stock Exchange and also trades on the International Board of the London Stock Exchange.

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.