Mehmet Dalman's WMG aims to raise USD 1 billion for a new Global Macro hedge fund managed by Paresh Patel, previously with Tudor.
Of the approx USD 13 billion raised this year so far in European hedge fund launches over USD 2.5 billion has been in the macro strategy launches. WMG's new fund is expected to launch by 1 December and will close at USD 1 billion.
Dalman, CEO of WMG, said: "With a broadly-based investment mandate, and with the team's compelling expertise in both developed and emerging markets investing, we believe the macro fund will deliver exceptional returns to our investors. As Global Macro will be a flagship fund for WMG we are delighted to have attracted such an experienced and talented team to the firm."
Paresh Patel has spent the past six years at Tudor Investment Corporation where he managed a macro portfolio. Prior to working at Tudor, Patel spent nine years at Salomon Brothers of which three years was as a proprietary trader on the arbitrage desk focused on emerging market debt and local currencies.
Previously, he was responsible for its non-Latin emerging market debt market-making and proprietary trading. Patel graduated from Fitzwilliam College at Cambridge University with a degree in Law.
Dr Robert Gay is appointed Senior Economist and Strategist. Previously, Dr Gay was Global Strategist for Commerzbank Securities and adviser on investment strategy for the bank's Alternative Investment Strategies. Gay spent eight years as Senior Economist with the Board of Governors of the Federal Reserve Systems in Washington DC and has been Senior International Economist at Morgan Stanley and Director of Research and Chief Strategist for emerging markets with BT Alex Brown. Gay holds PhD and MS degrees in Economics from the University of Wisconsin and a BS degree in Mechanical Engineering from Michigan State University.
Bechara Madi joins the team as Senior Economist and Strategist from North Asset Management where he was a Partner and Head of Research for the past three years. Madi spent 12 years at Morgan Stanley where he was initially Senior G10 Economist and then Senior EMEA Economist/Strategist. Madi holds post graduate degrees in Economics and Accounting and Finance at the London School of Economics and Political Science and a BS degree in Physics from the American University of Beirut.
WMG is a new financial services group structured to generate absolute returns for investors. WMG aims to build a global client base comprised of high net worth individuals, family offices, private banks and institutional investors.
WMG's product offering encompasses single strategy hedge funds, private equity, investment banking advisory and alternative wealth management. A partnership, WMG has a total of 24 employees, including a management team with long and wide-ranging industry experience.