Clive Lang, Chris Turner and Munir Hussain, formerly of Merrill Lynch Investment Managers' global equities team, have reunited to launch a global macro hedge fund at Dawnay, Day, the UK financial services group.

Dawnay, Day has provided initial seeding for the fund, which could grow to $1bn (€850m) with commitments from other investors. He and his colleagues will spend the next four months trying to generate a respectable track record to persuade other investors to join in.