About Us

As a specialist fund manager, NCIM have built up a formidable reputation in the natural resources and high yield sectors. The investment team have exceptional experience and have worked closely together over the years to deliver top performance for investors.
NCIM - New City Investment Manager Ian Francis

Ian "Franco" Francis

Franco is CIO of New City Investment Managers and also the Senior Fund Manager for CQS New City High Yield Fund Limited. He is also Co-Fund Manager for CQS Natural Resources Growth and Income plc.

CQS New City High Yield Fund was awarded "Best High Income Security Highly Commended" by Money Observer 2011 and was 2010 winner of Investment Week's UK Income Investment Trust of the Year.

Joined CQS in 2007 as part of CQS’ acquisition of New City and has more than twenty five years experience in trading and portfolio management. Prior to joining New City in 2007, Ian worked in a variety of roles in convertible bond trading and sales at firms including Collins Stewart Limited, where he was Head of Trading and Convertibles; West LB Panmure as Head of Convertibles, James Capel & Co. and Hoare Govett & Co. Began his career in fund management at Baring Bros. and Phillips & Drew.
NCIM - New City Investment Manager Keith Watson

Keith Watson

Keith Watson is a co-Fund Manager for CQS Natural Resources Growth and Income plc, Geiger Counter and Golden Prospect Precious Metals.

Keith joined CQS in July 2013 from Mirabaud Securities where he was a Senior Natural Resource Analyst. Prior to Mirabaud, Keith was Director of Mining Research at Evolution Securities. Previous to this, he was a top-ranked business services analyst at Dresdner Kleinwort Wasserstein, Commerzbank and Credit Suisse/BZW. Keith began his career in 1992 as a portfolio manager and research analyst at Scottish Amicable Investment Managers. Keith holds a BSc (Hons) in Applied Physics from Durham University.
NCIM - New City Investment Manager Robert Crayfourd

Robert Crayfourd

Rob is a co-Fund Manager for CQS Natural Resources Growth and Income plc, Geiger Counter and Golden Prospect Precious Metals.

Prior to joining CQS in 2011, Rob was an analyst at the Universities Superannuation Scheme and HSBC Global Asset Management where he focussed on the resource sector. Rob is a CFA charterholder and holds a BSc in Geological Sciences from the University of Leeds.
NCIM - New City Investment Manager Craig Cleland

Craig Cleland

Craig joined CQS in September 2013 as Head of Corporate Development: Investment Trusts. In this role he is responsible for Sales, Investor Relations and Business Development for New City Investment Managers, as well as corporate relations with the trusts' Boards of Directors.

Prior to his appointment at CQS, Craig spent the majority of his career at JP Morgan Chase and Fleming Investment Trust/Asset Management, during which time he built an extensive network within the investment trust sector with strong relationships with trust Board of Directors, leading brokers, private wealth managers, platforms and the investment community. Most latterly he was a Managing Director at JP Morgan Asset Management working in the senior role of Client Director with a number of independent investment trust companies. During his tenure at JP Morgan and Fleming, he also served as a Director of Fleming Investment Trust Management and Fleming Investment Management Limited, with responsibility for all client-facing and administrative personnel, as well as for launching numerous new trusts and managing relationships with the key investment trust Boards. Having joined Fleming's Investment Trust department in 1986 after six years at Royal Bank of Scotland, Craig initially acted as Company Secretary for as many as eight companies.