I first got to know Soraya Chabarek the way many relationships now begin: entirely on screen. Meeting in person was different. As Soraya notes in this episode, technology accelerates access, but it can’t replace human connection — a belief that has shaped how she invests, leads, and builds organizations. That philosophy sits at the heart of her work as president and CEO of Manulife CQS Investment Management, and it frames one of the hardest problems in asset management: succession. Hedge funds, in particular, tend to live and die by star portfolio managers. Soraya explains why she never believed you could truly “succession-plan” a single person — and instead thought about how teams could be designed to outlast any one individual. She traces that thinking back to the earliest chapters of her career, where mentors emphasized education over selling, long-term relationships over transactions, and a deep respect for risk. We talk about her path through the hedge fund world, what she learned from some of the legends in the industry, and why there are still too few women in the ranks and leadership. “A village needs to come together” to changes things, she says. From there, the conversation turns more technical. Soraya breaks down how CQS institutionalized itself over time and built scale across multi-asset credit, structured credit, and regulatory capital strategies. She explains why European credit has quietly delivered stronger risk-adjusted returns, and how complexity — when properly understood — can create durable return premiums. As the industry continues to consolidate, Soraya talks about what she looked for in a partner in the 18 months leading up to CQS’s acquisition by Manulife. With the industry littered with failed asset management acquisitions, Soraya addresses the importance of culture, and how to identify a good one. The result, Soraya argues, is a rare balance: remaining a boutique credit specialist while gaining the stability, distribution, and patient capital of a global insurer. This is a wide-ranging conversation about how judgment actually shows up — in people, in markets, and in building institutions.
