Cheyne Capital Management is to buy fund of hedge funds manager Altedge Capital, according to a statement by the firm.

Under the deal, Altedge Chief Executive and Chief Investment Officer Chris Goekjian will become partner and chief investment officer at Cheyne, which manages more than $6bn in assets, and will report to Chief Executive Jonathan Lourie.

Altedge, whose asset base has been diminished over the past months, hopes to benefit from Cheyne's distribution platform and client base.