WMG, a hedge fund management firm set up by former Commerzbank director Mehmet Dalman, has established a trading office in Hong Kong, despite the departure of its head of risk management.

The firm has hired Lena Tan from Ward Ferry, one of Hong Kong's five largest hedge fund managers with $1.4bn (€1.1bn) of assets, where she was a member of the investment team, according to Paresh Shah, WMG's chief operating officer. She will run an Asian equities hedge fund WMG planned to launch in March, having received commitments of $75m. The Hong Kong office comprises Tan and another staff member, with expansion to five planned by June. The firm intends to launch more funds next year, Shah said, despite Mark Richardson, a founding partner and head of risk management leaving to join Dresdner Kleinwort.