Richard Lockwood

• Richard is a Senior Fund Manager for City Natural Resources High Yield Trust, New City High Yield Fund, Geiger Counter Limited. and Golden Prospect Precious Metals.
• Richard joined CQS in 2007 as part of the CQS' acquisition of New City. Prior to establishing New City in October 2003, he was the founding director and former manager of City Merchants high Yield Trust, which was awarded best UK High Income Trust in both 2001 and 2002 by Investment Trusts Magazine. The compound annual rate of return under Richard's management since inception for this Trust was 12.5%.
• Richard has fifty years experience in mining investment primarily with Hoare Govett, in London and Australia, and AMVESCAP, London.

Neil Gregson

• Neil is a Senior Fund Manager on the New City Investment Managers team.
• Prior to joining CQS in 2009 he worked at Credit Suisse Asset Management in London from May 1990 to June 2009. Latterly, he was Managing Director and Head of Emerging Market Equity, responsible for a team of 17 people located globally in New York, London and Singapore managing $7billion in equity products. From 2001 to 2003 Neil was Head of Global Equity Portfolio Construction and from 1997 to 2003 Head of the Emerging Europe, Middle East and Africa Equity Division. He received numerous awards including the 2005 Investment Week European Frontiers Fund (UK) Best Fund in Class, Emerging Markets and also in 2005 the Lipper Global Resource Fund (Germany) Best Fund in Sector over five years. Prior to joining Credit Suisse Asset Management Neil was a Mining Investment Analyst at GoldFields of South Africa, a Shift Overseer and mining engineer with Consolidated Modderfontein Gold Mines Ltd and a Shift Overseer with Anglo American Corporation. He began his career with the Opencast Coal Division of Shephard, Hill & Co. in England.
• He began his career in investment management in 1990 managing gold and resource equity investment funds.

Merfyn Roberts

• Senior Fund Manager for New City Energy Limited. Merfyn is also an adviser to City Natural Resources High Yield Trust and Geiger Counter Limited
• Prior to joining New City in 2006, he worked in a variety of fund management roles in the commodities sector, including launching and managing an in-house fund at Minorco SA
• Began his career in commodities fund management at Target Group and has more than twenty five years experience in portfolio management
• Merfyn holds a BSc in Geology from Liverpool University and a MSc in Geochemistry from Oxford University. He is a member of the Institute of Chartered Accountants in England and Wales

Ian "Franco" Francis

• Portfolio manager for New City High Yield Fund Limited. He also supports the portfolio management team for City Natural Resource High Yield Trust Plc
• Joined CQS in 2007 as part of CQS’ acquisition of New City and has more than twenty five years experience in trading and portfolio management
• Prior to joining New City in 2007, Ian worked in a variety of roles in convertible bond trading and sales at firms including Collins Stewart Limited, where he was Head of Trading and Convertibles; West LB Panmure as Head of Convertibles, James Capel & Co. and Hoare Govett & Co
• Began his career in fund management at Baring Bros. and Phillips & Drew

John Wong

• John is a Portfolio Manager for Golden Prospect Precious Metals and City Natural Resources High Yield Trust Plc and supports the portfolio management teams of New City High Yield Fund Limited, Geiger Counter Limited and New City Energy Limited.
• Prior to joining CQS in 2008, John was an Investment Manager with Ruffer LLP. Before this, he worked at Friends Ivory & Sime and Rothschild Asset Management. He has seven years experience in the investment management industry.
• John is a Chartered Accountant and also a CFA charter holder. Prior to working in the Fund Management industry, he spent six years at PricewaterhouseCoopers, initially as an auditor and later as a management consultant.

Will Smith

• Will is a Portfolio Manager for Golden Prospect Precious Metals, an advisor to City Natural Resources High Yield Trust and has trading responsibility for all other New City funds.
• Prior to joining CQS in 2008, he was responsible for running Landsbanki Securities Proprietary Trading with a focus on Global Resources.
• He has over thirty years investment experience with Panmure Gordon, UBS and Morgan Grenfell Securities.

Adam Cooke

• Responsible for Investor Relations and New Product Development at New City
• Non-executive director of City Natural Resources High Yield Trust, Midas Income & Growth Trust Plc and Premier Energy & Water Trust
• Adam joined CQS in 2007 as part of CQS’ acquisition of New City
• Has thirty years of experience in financial services
• Prior to joining New City in 2006, Adam was a Global Partner of AMVESCAP and before this he worked for the UK operations of INVESCO Perpetual for over twenty years

Nigel Carter

• Responsible for Marketing and Business Development at New City
• Over thirty years equity sales experience at Merrill Lynch, ABN Amro Hoare Govett, Societe Generale and BNP Paribas.
• During that time he headed up the Australian sales team in New York and pan-European sales teams in London.