WMG plans to launch three hedge funds
The firm plans to establish a number of funds with the idea of creating a fund of funds based on its own single-strategy products. Richardson says managers for the new funds have been identified but have not yet joined the firm.
The London-based firm plans to market its fund of funds and its single-strategy funds to the ultra high-net-worth community and institutional investors. WMG is taking the unusual approach of permitting its clients to move somewhat freely between its single-strategy funds without incurring redemption penalties.
WMG was founded last year by Mehmet Dalman former head of global equities at Commerzbank. Richardson also comes from Commerzbank, where he was head of derivatives.
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