Iain Robertson, chairman of corporate banking and financial markets at Royal Bank of Scotland, and Tim Frost, the former head of credit derivatives at JP Morgan, have joined Cairn Capital, the new asset manager and advisory firm.

Robertson has taken up a position as non-executive chairman of Cairn, while Frost will join the firm's management team alongside David Henriques and David Littlewood, both former co-heads of structured credit products at RBS. Frost is widely credited for having built JP Morgan's credit derivatives business into a market-leading franchise.