Mike Nicol, the star hedge fund manager who left SVM Asset Management amid controversy earlier this year, is set to pursue a civil claim against SVM for up to £1m (€1.44m).

The move comes after an employment tribunal case was called off on Tuesday. The hearing was abandoned after SVM, the Edinburgh-based house run by Colin McLean, admitted that it had unfairly dismissed Nicol and breached his contract. But the firm offered no compensation, prompting Nicol to consult lawyers on his next course of action.