StormHarbour Securities, the boutique investment bank that last week opened a new Madrid office, closed two regional offices last year, it has emerged. The firm's European head of sales and trading has also left.

Jonathan Davis, the European head of sales and trading, has left the firm, according to documents filed with Companies House. According to two sources familiar with the move, he has left to join commodities broker ED&F Man as co-head of fixed-income credit. Davis declined to comment. It is understood that StormHarbour will not refill his position.