The former deputy head of global sales and marketing at Man Group, known in yachting circles as Captain Magic, has set sail with a new property venture focused on European real estate.

Raffaele Costa was a veteran partner at hedge fund GLG and subsequently Man. He has founded Tyndaris, a investment management firm for institutional and ultra-high net worth individuals that will focus on residential property, according to the Financial Services Authority's register of authorised persons and a source close to the firm.