Orion Mine Finance Group is starting a hedge fund at a time when most investors are fleeing commodities. The $2-billion investment firm is opening a fund in January to trade industrial and precious metals, and may eventually add equities, according to Oskar Lewnowski, the founder and chief investment officer. The business, headed by John Fallon, is called Orion Commodities Fund LP and will buy and sell derivatives, as well as physical raw materials. Orion’s expansion is unusual because this year has seen some of the biggest, most well-known traders shut down their flagship commodity funds during the worst year for...