Three more staff have left WMG, the London-based hedge fund management group founded by former Commerzbank director Mehmet Dalman.

Elizabeth Glyn, who joined last August after seven years at Merrill Lynch Investment Managers, departed last month, according to the UK's Financial Services Authority register. She had been a member of the team managing Blixen, WMG's long/short global equities fund, where she focused on US equities. Paresh Shah, chief operating officer of WMG, said the firm did not plan to replace her. Bechara Madi left at the end of August, almost a year after he had joined, according to the register. Shah said he had been one of the team running a global macro fund for WMG, which was discontinued following the departure of the fund's lead manager, Paresh Patel, in May. Andrew Caplan left in August, having joined in June last year. Shah said he was part of the team lined up to market the global macro fund. John Marsland and Gordon Morrison, who were working on a quantitative hedge fund trading in European securities, also left this year, as did trader Adrian Valenzuela. WMG made a loss of £240,000 (€355,200) for the 11 months to October 31, 2005, according to its first accounts, published in August. It raised slightly more than $100m (€80m) for Blixen, its sole hedge fund, which generated 14.06% a year since its launch in October 2004 to the end of July.