Cheyne Capital Management, the CDO management arm of the Cheyne Capital Group, has hired Alistair Gilmore, a credit derivatives trader at Dresdner Kleinwort Wasserstein. The hire is part of Cheyne's increased focus on underlying portfolio management and Gilmore joins in a new role in London, said an official close to the company. He will report to David Peacock and John Weiss, co-heads of structured credit, who both declined comment on the exact nature of the position. Gilmore could not be reached and Rowan Staines, spokeswoman for Dresdner in London, also declined comment.