Jonathan Martin, former head of risk management at hedge fund group BlueCrest, aims to raise up to €1bn for an interest rate and currency trading product for Markham Rae, his new boutique.

Martin is chief executive of Markham Rae, which he set up with equal founding partner Christopher Brandt, who also leads the investment team. Brandt previously ran BNP Paribas' London proprietary trading desk. Oliver Williams and Janos Hawkins, who both worked at JP Morgan, will join the team later this month to handle quantitative investment techniques.