Episode summary
From Hedge Fund Roots to Alternative Credit Leadership: Soraya Chabarek, President & CEO, MCQS
Money Maze Podcast
· · Guests: Soraya Chabarek
Summary
Soraya Chabarek traces her path from a Syrian childhood to leadership roles across HSBC, Permal, GLG, Moore Capital and CQS, arguing that her career was shaped by hard work, luck, and a consistent focus on people and relationships. She says her family’s emphasis on education and independence, plus early exposure to the “art of possibility” in British public life, helped form the grit that carried her into finance.
A major theme is how hedge funds and alternatives reward narrow excellence, not broad generalism. Soraya argues that the best investors and business builders are often unusual personalities, but that their shared edge is a belief in possibility, meritocracy, and relentless execution. She describes distribution and selling as relationship work, especially in regions like the Middle East, where trust had to be built over years.
The discussion then turns to CQS’s evolution from founder-led hedge fund culture into a more institutional alternative credit platform under Manulife. Soraya says the firm prioritized transparency, repeatability, and culture in the merger, and that today more than 50% of the business is liquid credit, with about $10 billion in multi-asset credit solutions out of $18.5 billion total. She is cautious on private credit valuations and liquidity risk, and she sees AI as useful for research tasks but not for replacing human judgment in underwriting or client work.
Key takeaways
- Soraya Chabarek says CQS has grown to $18.5 billion in assets, with $10 billion in multi-asset credit solutions and a team of about 40-50 credit specialists.
- She argues that the biggest hedge fund performers share a belief that “possible” comes before “impossible,” and that meritocracy matters more than stereotypes about temperament.
- She warns that private credit has attracted too much capital and says liquidity is “paramount right now,” even if some managers will still do well.
- She says AI can automate research chores, but human imagination remains essential for credit underwriting and for selling through relationships.
- Her hiring advice centers on grit, humility, and the ability to make connections, not just grades or pedigree.
Notable quotes
“They don't really see impossible. They see possible. This is absolutely possible. How can I get it done”
“I think liquidity is paramount right now”
“I actually believe the opposite”
“having the a skill and homing that in and being the best at that”
“my superpower, if I do have a superpower, is is people”
How the episode opens
They don't really see impossible. They see possible. This is absolutely possible.
How can I get it done? You know, without sort of pushing the boundaries out too far. But if you're always in pursuit of the possible, you are evolving.
You're getting better. And you are creating new revenue streams, new opportunities, etc. The majority of what we do though in the private world is very much what we call self-liquidating private assets.
So those are assets that are private in nature. their 3 to 5 year lockup, but because they throw off quite a large amount of income on a quarterly basis, they self amatize. I find it quite difficult to say or or know how a portfolio manager will look into a crystal ball and be able to work out what company will survive the next 10 years and come good.
I think liquidity is paramount right now. You know, some people give you advice you need to be more well-rounded. You need to know a lot more.
I actually believe the opposite. Of course, it would be wonderful to be more well-rounded. I wish I was a lot more clever than I am.
I wish I had many more skills than I have, but the reality is is having the a skill and homing that in and being the best at that. Focusing on that, I think is is is a formula to to success.
If female leaders in finance are gradually becoming more usual, that cannot be said of most of the alternatives industry. But as the private markets and alternative firms combine and cooperate with the more traditional investment organizations, so their leaders, styles, and backgrounds reflect a changing topography. If you've worked alongside some of the most well-known hedge fund owners, helped build their businesses, and managed the associated turbulence and egos, and then become the CEO of a hedge fund that combines with a major financial institution, it's highly probable you have navigated those businesses with skill, dexterity, and success.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- hedge fund performers
- alternative credit
- women in finance
- private credit risks and opportunities
- ai research and human insight
Companies and tickers mentioned
- MFC
- GLG
- Moore Capital
- CQS
- MCQS
- Manulife
Watch the episode
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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