A former portfolio manager at Citadel has launched hedge fund NovaCore Capital after securing more than $250m in initial investor commitments from several investors, including Squarepoint Capital and Lighthouse Investment Partners, according to a report by Bloomberg.

The firm is also understood to be in discussions with additional allocators as it looks to expand its capital base beyond the initial funding round.

The report cites unnamed people familiar with the matter as revealing that Nico Dil began trading for his new firm on 2 March.

Representatives for NovaCore Capital and its investors reportedly declined to comment on the launch.

Dil spent more than a decade at Citadel, the multi-strategy hedge fund founded by Ken Griffin, where he ran a European industrials equities portfolio. Prior to joining Citadel, he held roles at Bear Stearns and JPMorgan Chase & Co.

The newly formed firm has assembled a team of 12 people. Neil Hobson serves as chief executive officer, with Hamant Lad as chief operating officer and William Buckingham as chief risk officer.