The head of event-driven investments at Cheyne Capital Management is to retire after more than a decade at the $7 billion alternatives manager, while his former co-manager has already left the firm, putting its event-driven business in the hands of a recent senior recruit from global equities manager Meditor Capital Management.

Simon Davies, who headed the event-driven investment team at Cheyne, has given up that role and is expected to retire in September this year to pursue other opportunities, according to a person familiar with the firm. Davies joined the firm in 2003 and became a partner in 2007. It is not known whether he will take up another role in the hedge fund industry.