WMG, the financial services group founded in autumn 2004, has assembled a team to manage its Global ...
WMG, the financial services group founded in autumn 2004, has assembled a team to manage its Global Macro hedge fund, due for launch on 1 December.
The macro product will be the second hedge fund to be launched by the group since its inception. The first was called the Blixen fund, a global equity relative value portfolio brought over from Commerzbank by the group's founders.
Two more funds - an Asian equity and a European quantitative product -are in the pipeline and are expected to be launched early next year.
Paresh Patel will be the macro fund's portfolio manager, having managed a macro portfolio at his former employers, Tudor Investment Corporation, where he spent six years.
WMG has hired two others to the team to help Patel. Robert Gay joins from Commerzbank, where he was global strategist and adviser for the alternatives investment group. He has also held senior economist roles with the Board of Governors at the Federal Reserve System in Washington DC and Morgan Stanley.
Bechara Madi joins alongside Gay from North Asset Management. He is also a former economist at Morgan Stanley, although his more recent role was as head of research with the company.
The three hires take up their new roles in one month, with Gay and Madi reporting to Patel, who in turn will be reporting to Mehmet Dalman, WMG's chief executive.
Fund name: Global Macro hedge fund
Portfolio manager: Paresh Patel
Fund strategists: Robert Gay, Bechara Madi
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