Ex-Morgan Stanley International chairman Jonathan Chenevix-Trench, ex-Barclays deputy chairman Sir Nigel Rudd and Royal Bank of Scotland today emerged as key figures behind a new fund that aims to fill the financing void facing smaller European companies in the wake of a retrenchment in bank lending.

UK principal investment and advisory group Marwyn has launched a fund, the Marwyn Alternative Capital Fund, backed by RBS and boasting the two heavy-hitters as board members.