The UK arm of wealth management group WMG lost more than £1m (€1.3m) in its final year before founder Mehmet Dalman, the former Commerzbank director, transferred some of its most senior staff to Toscafund, the UK hedge fund manager he helped set up in June.

WMG Limited recorded a loss of £1.3m in the year ended October 31 last year, according to its accounts published at Companies House. In the previous year, it had made a loss of £168,000.