A former top Morgan Stanley banker, whose high-profile move to join rival bank Nomura was reportedly thwarted after failing to gain approval from the UK Financial Services Authority, has returned to investment banking after an 11-month stint at a hedge fund.

John Hyman, who has worked at Cheyne Capital since November last year as a senior advisor, has joined Renaissance Capital as co-head of investment banking and financing, according to a statement from the emerging markets investment bank. He will be based in Moscow.