Mehmet Dalman, who left Commerzbank two weeks ago to set up the Wealth Management Group, opened and closed his first hedge fund on the same day.

The Fund is called Blixen Fund Ltd, a global equity long/short hedge fund. It was opened and closed on Monday 4 October, reportedly raising its target of USD 1 billion.

The fund manager is Andrew Kunar, CEO of Bermuda-based Regent Enterprises Ltd which is the investment advisor to the Blixen Fund. Prior to joining Regent Enterprises, Kunar was a partner of Forstmann Asset Management.

From 1997 to 1999 Kunar was COO and CFO of Schoenfeld Asset Management, a New York-based hedge fund, and from 1987 to 1996 he was CFO of Forstmann-Leff Associates, an asset management firm. Kunar graduated from the City University of New York with a degree in accounting, and is a qualified CPA.

Dalman, former chief executive of Commerzbank Securities, last week moved into WMG's new London offices, previously the offices of Blue Crest on Jermyn Street.

He told the Sunday Times newspaper that  he is already in "advanced talks" with a derivatives platform in Paris, an American broker and a wealth manager in Hong Kong.

WMG (see previous Hedgeweek article) aims to cater for retail investors and private banks with a variety of hedge fund-focused products and services.