WMG, the hedge fund management firm founded by former Commerzbank executive director Mehmet Dalman, lost more than £240,000 (€350,000) in its first 11 months of operation.

It took £716,000 in fee income and spent £973,000 on administration, according to accounts to October 31, 2005 filed at Companies House. Interest income left the pre-tax loss at £241,630. Salaries shared between 23 employees, including 13 investment managers, totalled £389,000.