Darren Toner, senior portfolio manager at CQS Investment Management, has been appointed as co-portfolio manager of the CQS New City High Yield fund.
He has worked closely with current portfolio manager Ian “Franco” Francis for the past 15 years, aiding in the identification and assessment of potential investments and portfolio construction.
Toner’s appointment is part of a transition period at the firm, as Francis steps back from managing the portfolio. When the transition period ends in May 2027, Francis will continue to support Toner as a consultant for up to three years.
Francis said: “His [Toner’s] extensive experience across the corporate high yield and broader credit markets, combined with his deep knowledge of the portfolio, means Darren is very well positioned to support the continued success of the strategy.
“I will be working closely with Franco over the next 12 months to ensure a seamless transition, while continuing to apply the established investment process that has underpinned the company’s long-term performance,” Toner said.
Over the past 10 years, the fund has delivered a 94.8% total return for investors, according to FE fundinfo data.
Toner is co-portfolio manager of the CQS Dynamic Credit Multi-asset fund and assistant manager on the CQS Credit Multi-asset fund. Before joining CQS in 2010, he worked at GE Capital as part of the leveraged finance branch.
