Investment Manager

New City High Yield Fund Limited
21 September 2007




To:      RNS
From:    New City High Yield Fund Ltd
Date:    21 September 2007


Investment Manager


The Company's investment manager, New City Investment Managers Limited ('New
City'), has today announced that, subject to regulatory approval, it will join
with CQS, the US $8.6 billion asset manager.

New City will continue to act on behalf of the Company and its personnel will
continue the focus on investment management which has underpinned both its and
its predecessor's success in recent years.

New City believes that the Company will benefit from complimentary and adjacent
skill sets in natural resources and fixed interest, supported by CQS' robust
infrastructure platform.



For further information please contact:

Richard Lockwood / Andrew Ferguson - New City:  0207 557 4370

Graeme Ross                        - New City High Yield Fund:
01534 825 200





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