Former head of investment banking at Commerzbank Mehmet Dalman has launched a wealth management grou...
Former head of investment banking at Commerzbank Mehmet Dalman has launched a wealth management group specialising in the alternative asset management sector.
The London-based group, WMG, will offer fund and wealth management, capital-raising services and incubation for new funds. It will serve high-net-worth individuals, private banks and investment institutions globally, with plans to roll out across centres in Europe, North America and Asia.
Dalman believes the alternative asset management industry is going through a period of consolidation but admits too many managers are still chasing the same market and investors are having to look harder for the best players.
He said: "There is currently a herd mentality, as everyone chases this market, which is why we have taken a broader outlook both geographically and in terms of products and services that focus on absolute returns."
WMG said the full structure of the group will take up to two years to build. It will begin with a range of single strategy funds that will focus on long/short global equity, global macro, Japanese equity and quant-based strategies in the first stage.
The group will also buy a number of established companies to accelerate its capital raising and execution capabilities, as well as developing a range of fund-linked securities for distribution to private banks and family offices.