Michael Hintze, the chief executive of CQS, has appointed a former colleague from his days at Credit Suisse First Boston to take on a new role of chairman of the $11.9bn hedge fund manager.

Marc Hotimsky, a co-founder of fund of hedge funds manager New Finance Capital, is to become chairman of CQS and a senior member of the management team. The newly-created role of chairman reflects CQS's growth in assets and the need to expand the management team.