The former head of Morgan Stanley's government bond trading desk, who quit after 20 years during a power struggle in which chief executive Philip Purcell was ousted, has emerged in charge of his own hedge fund.

Thomas Juterbock, who joined hedge fund firm Ritchie Capital in July after leaving the US bank, will now spin off a hedge fund from the firm to invest in interest rates, equities, foreign exchange and commodities. He will take a six-strong team from Ritchie with him.