The former global head of fixed-income, commodity and currency structuring at Merrill Lynch in London has established a new investment firm, becoming the latest of a clutch of high-profile credit bankers to have resurfaced on the buyside in the past year.

Theo Constantinidis, who left Merrill Lynch about a year ago, founded Panaxia Capital Management in June last year, according to a UK companies house filing. Panaxia was authorised by the UK's Financial Services Authority in the first week of January.