A leading City figure who correctly predicted the credit crunch and the subsequent collapse of the banking sector was the guest of honour at Norwood’s fifth annual Distressed Investing Dinner, which raised more than £133,000. Michael Hintze, the founder, Chief Executive Officer and Senior Investment Officer of private hedge fund CQS, was joined by over 200 industry experts at the event at Claridge’s in Mayfair yesterday.
The Norwood Distressed Investing Dinner, which raises vital funds for the Charity’s work with people with learning disabilities and children and families in need, has established itself as a key event in the industry calendar. The evening was sponsored by Gordon Brothers Ltd and top global firms who hosted tables this year included Jones Day, Deloitte, PricewaterhouseCoopers and Elliott Advisors (UK) Ltd.
Michael Hintze, who holds degrees in Physics, Pure Mathematics and Electrical Engineering and also served as a captain in the Australian Army, started his career at Salomon Brothers. Prior to the establishment of CQS in 1999, he was European Head of Convertible Bonds at CSFB and Head of UK Equity Trading and European Convertible Bond Trading at Goldman Sachs. CQS, which won recognition after accurately predicting the order in which banks would collapse, also warned last year that the recession would be long and deep.
Sharing his views on the world economy with guests, Michael Hintze criticised the US government’s fiscal stimulus programme, which he described as an example of ‘throwing good money after bad’. He said the Obama administration should turn its attention to deep-rooted structural problems in the US economy, and used the opportunity to praise the Tory and Lib Dem coalition’s own attempts to cut the budget deficit and tackle unsustainable consumption.
The well-known philanthropist also praised Norwood’s ‘fabulous’ work and said everyone had an ‘obligation and duty’ to support good causes. Referring to the Charity’s efficiency, where 90 pence in every pound spent goes directly to services, he added: “Imagine if governments were able to achieve this.”
Speaking after the event, Adam Plainer, Distressed Investing Dinner Committee Co-Chair, said: “We are delighted at the success of this year’s Distressed Investing Dinner and I would like to thank our sponsors, Gordon Brothers Ltd, our guest speaker, Michael Hintze, and all our guests, for helping to ensure that Norwood is able to provide life-changing support to people with learning disabilities, and children and families in need. Over the last five years, the event has raised a significant amount of money or this incredible organisation, and I hope the generous support the industry has shown Norwood will continue for years to come.”
