UK Hedge Fund/Wealth Manager Struggles in First Year of Operations

Contributing Editor

8 August 2006

Wealth Management Group, a financial services firm set up over a year ago by Mehmet Dalman, the former head of investment banking at Commerzbank, has reported a loss in its first year of operations. According to a report in Financial News, which quoted UK Companies House records, WMG lost more than £240,000 ($457,156) in its first 11 months of operation. The Financial News report added that WMG had raised around $100 million for its sole fund, Blixen, a long/short equity hedge fund. WMG said in the report that it runs an additional amount of money in separate client accounts and earlier reports suggested that the London-based firm had opened last year with $1 billion of assets.