Jason Wang, a former manager at GLG Partners Inc., and Simon Quirke, who helped manage Lionhart Advisors Group Ltd.’s Asian investments, are starting an equity hedge fund that will focus on commodities-related industries.

Iridium Asset Management will start the Asian equity long- short fund on May 3, said Wang, chief executive officer of the Singapore-based firm. The Iridium Alpha Fund has attracted mostly money from Asian ultra-high-net-worth individuals, and is set to grow to $100m within a year of its launch with a capacity to manage $1bn, according to Wang.