David Tovey, who was a BlackRock fund manager until 2021, is part of a team that plans to launch a hedge fund based in London and Zurich in the first quarter of 2024, according to a report by Reuters. 

The report quotes sources familiar with the matter as saying that the new fund, which will be called Covale Capital,  and has plans to have $1bn in assets under management across multiple funds by the end of 2024.

Tovey, who worked at BlackRock for nearly 23 years, will be the fund's chief investment officer, the source said. Tovey's LinkedIn profile has him listed as being a founder of Covale Capital.