Mehmet Dalman, the former head of investment banking at Commerzbank, is quitting the alternative investment company he set up after leaving the German bank four years ago to become a partner at hedge fund manager Toscafund.

Toscafund, which is run by chief executive Martin Hughes, said in a statement it has recruited Dalman as vice-chairman and partner. Dalman will also join the board of directors of Old Oak Holdings, Toscafund’s parent.