<p style="MARGIN-TOP: 0px;">CQS, one of London's largest hedge funds, has bought New City Investment Managers Ltd., another United Kingdom-based hedge fund, a person familiar with the matter said.</p><p style="MARGIN-TOP: 0px;">New City has around $600 million under management in three funds.</p><p style="MARGIN-TOP: 0px;">CQS, which has about $8.6 billion under management, is run by founder Michael Hintze, one of London's leading philanthropists and a former <a href="javascript:void(0);"><img src="http://proquest.umi.com/images/common/circlei3.gif" border="0" alt=""/>Goldman Sachs</a> and <a href="javascript:void(0);"><img src="http://proquest.umi.com/images/common/circlei3.gif" border="0" alt=""/>Credit Suisse</a> banker.</p>