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What is MAC?
Our approach
Leadership
Contact us

Multi Asset Credit Strategy

A flexible, global credit investment strategy that aims to deliver attractive, income-driven, risk-adjusted returns through the market cycle and help investors navigate uncertain market environments. With the flexibility to invest across traditional and alternative credit markets worldwide, the portfolio management team is able to capture relative value opportunities and capitalize on market dislocations.

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MAC in 5 minutes with Craig Scordellis, co-CIO, MCQS

Watch the video to learn more about the strategy

The ABC of Multi Asset Credit (MAC)

A flexible and dynamic approach to allocation that enables the investment team to pursue what they perceive to be the best opportunities

Accessing income

The broad investment universe gives the investment team the ability to source high-quality, risk-adjusted income opportunities
The size of the credit markets enables the investment team to build a diversified portfolio, while remaining fundamentally selective

Best geography, asset class, and sector

Best geography―Geographic relative value can shift due to economic cycles, political changes, and global events, leading to opportunities
Best asset class and sector―Adjust portfolio allocation by geography, asset class, and sector as risk/reward dynamics shift across a market cycle, with the goal of capturing relative value

Capital preservation

The investment team seeks to minimize exposure to credit defaults through a robust, fundamental, bottom-up credit selection process
Actively minimize loss risk from defaults through constant review of every single allocation, and by avoiding concentration risk and limiting the sizes of individual positions

An image showing the liquidity spectrum of credit assets. — Source: MCQS, ICE, LCD and Bloomberg, as of June 30, 2025. Performance shown in U.S. dollars. IG refers to investment grade. HY refers to high yield. CLOs refers to collateralized loan obligations.The following indexes are used to illustrate returns for the following asset classes: ICE BofA Euro Corporate Index (European IG), ICE BoFA U.S. Corporate Index (U.S. IG), ICE BofA European Currency High Yield Index (European HY), ICE BofA U.S. High Yield Index (U.S. HY), ICE BofA Contingent Capital Index (European financials), Morningstar European Leveraged Loan Index (European loans), Morningstar LSTA U.S. Leveraged Loan Index (U.S. loans), CLOIE Index | AAA and CLOIE Index | BBB (U.S. CLOs). It is not possible to invest directly in an index. Past performance is not a guarantee of future results. Index definitions can be found at the end of the page.

MCQS In numbers

$9.2 billion asset under management across pooled MAC strategies and bespoe mandates
6%–10% typical yields for sub-investment grade MAC assets
40+ investment professionals supporting our MAC strategies in London and New York

Learn more

Source: Manulife | CQS Investment Management, as of March 31, 2025. All values are shown in U.S. dollars.

Investment management team

Craig is co-CIO and is responsible for the Manulife | CQS Investment Management multi asset credit business. He's a senior partner and chairs Manulife | CQS Investment Management Asset Advisory Committee for Multi-Asset Credit. Craig previously headed up global loans and was responsible for managing the firm's loan mandates, including those in a variety of multi-asset credit funds and collateralized loan obligations. Prior to joining Manulife | CQS Investment Management in 2008, Craig was a senior investment analyst and assistant portfolio manager at New Amsterdam Capital Management, a credit hedge fund. Before that, he was an associate at the Royal Bank of Scotland, where he structured leverage finance and high-yield bond transactions. Craig earned a B.Sc. (first class honors) in Business Administration from the University of Bath.

Education: B.Sc. (hons.), Business Administration, B.A., University of Bath
Joined the company: 2008 (CQS)
Began career: 2000

Jim is CIO North America and Head of Global Loans. Jim leads the dedicated loans team with portfolio managers and analysts based in both London and New York. He is responsible for managing the firm’s loan mandates, including those in a variety of multi-asset credit funds, and collateralised loan obligations. Prior to joining CQS in August 2015, Jim was a Portfolio Manager within the Senior Secured Loan group at Invesco, with a focus on separately managed institutional accounts and commingled funds. Previous experience at Invesco included time spent as Senior Credit Analyst, specialising in healthcare, housing, and leisure investments.

Education: B.Sc., Business, Wake Forest University
Joined the company: 2015
Began career: 2004

Darren is a Senior Portfolio Manager, responsible for managing High Yield, Investment Grade and Financial strategies within the Multi Asset Credit business. He is Co-Portfolio Manager of the CQS Dynamic Credit Multi Asset Fund and Assistant Portfolio Manager of the CQS Credit Multi Asset Fund and bespoke Multi Asset Credit mandates. Darren is a member of the Multi Asset Credit Asset Advisory Committee. Prior to joining CQS in 2010, Darren worked at GE Capital in London within the leveraged finance business, where he joined the graduate scheme in 2005.

Education: B.Sc., (First Class Honors), Economics and Finance, University College Dublin
Joined the company: 2010
Began career: 2005

Lucy Alexander

Head of U.S. Institutional Distribution, MCQS

+44 20 7201 5367

lucy.alexander@cqsus.com

Jon Amess, CAIA

Head of EMEA Institutional, MCQS

+44 20 7201 5357

jon.amess@cqsm.com

Bob Stelben

Head of Long Only Distribution, N. America, MCQS

+1 212 259 2900

bob.stelben@cqsus.com

Related viewpoints

July 31, 2025

Focusing on income: navigating market cycles with multi-asset credit strategies

Craig Scordellis, Co-Chief Investment Officer, Senior Partner Manulife | CQS Investment Management

Leaning on income as a buffer against volatility is a key goal for multi-asset credit strategies. Find out how they work.

A modern building with colorful glass panels reflecting sunlight against a clear sky

July 31, 2025

European credit—an income investor's best-kept secret?

Craig Scordellis, Co-Chief Investment Officer, Senior Partner Manulife | CQS Investment Management

Credit investors have tended to prioritize the U.S. market over Europe; however, recent data shows that many European credit assets have consistently delivered higher returns relative to their U.S. counterparts. Might investors be missing a trick?

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Multi Asset Credit Strategy

MAC in 5 minutes with Craig Scordellis, co-CIO, MCQS

The ABC of Multi Asset Credit (MAC)

Accessing income

Best geography, asset class, and sector

Capital preservation

MCQS In numbers

Investment management team

Related viewpoints

Focusing on income: navigating market cycles with multi-asset credit strategies

European credit—an income investor's best-kept secret?

Confirmed.
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