A former partner at Portman Square Capital, the hedge fund set up in late 2012 by the ex-head of proprietary trading at Citigroup and several former colleagues, has joined Cheyne Capital Management, the $7 billion alternatives manager.

David Darmouni, who worked at Citigroup from 2008 until 2012, was among several former staff at the US bank to join the founding team at Portman Square, launched by Sutesh Sharma.