Vega Asset Management

  • Vega Asset Management

    Vega’s Other Letter To Investors

    Yesterday we gave you a mission. And now we can say that the mission was a resounding success. It’s not just an event, it’s an internal transformation. Failure was not an option. Impossible is… Sorry. Our brains are still burning from this. Back to the matter at hand. We asked for Michael Mann’s letter to […]

    / Oct 6, 2006 at 4:50 PM
  • Vega Asset Management

    Vega Confirms $5 Billion Letter

    So just had a nice chat with the folks over at Vega. And they’ve confirmed that the letter we printed earlier today was sent out by Grant Hutchison. Incidentally, Grant was already done for the day when we called at 3 PM. So apparently they’re not exactly in crisis mode there. [Earlier DealBreaker coverage of […]

    / Oct 6, 2006 at 2:58 PM
  • Vega Asset Management

    Vega: “We’re Not Broke Yet”

    It seems that all this talk of the Madrid-London-New York hedge fund Vega Asset Management possibly being down to their bottom billion has caught their attention. It certainly has caught the attention of Vega’s investors. After a few days of refusing to disclose how much they have left in their coffers, it seems that Vega […]

    / Oct 6, 2006 at 1:04 PM
  • Hedge Funds, Vega Asset Management

    How Far Can Vega Fall?

    The largest hedge fund run by Vega Asset Management has been hit up for redemption requests for as much as $400 million, according to Bloomberg’s sources. The Vega Select Opportunities once had around $2.2 billion of assets but was down to $1 billion at the beginning of September. And since September seems to have been […]

    / Oct 6, 2006 at 10:54 AM
  • Vega Asset Management

    More Losses At Vega

    Vega sent a letter to investors today giving some details on its recent losses, Reuters reports. Its Vega Select Opportunities Fund is down 16.7 percent so far this year, after a net loss of 10.6 percent in September alone. In the letter, Vega president Michael Mann attempts to reassure investors that the fund is “strong […]

    / Oct 5, 2006 at 3:15 PM
  • Vega Asset Management

    Vega Asset Management Hit Hard

    We told you this on Tuesday, but now the Financial Times is reporting that the assets under management by Vega may be down as low as $1 billion. Steep trading losses at Vega Asset Management, an embattled hedge fund firm, may lead some investors to withdraw money, cutting its assets to as low as $1bn, […]

    / Oct 5, 2006 at 9:34 AM
  • Vega Asset Management

    Trouble at Vega

    IIt’s definitely not a good sign when a hedge fund has to say it “has no plans to cease operations.” Let’s call that the Amaranth line, and acknowledge that when you have to keep saying you’re still in business you might not be for very long. Following up on rumors Dealbreaker first reported yesterday, the […]

    / Oct 4, 2006 at 10:13 AM
  • Vega Asset Management

    Another Hedge Fund In Trouble?

    It’s pretty public knowledge that funds run by Vega Asset Management suffered some serious losses recently. Rumors have begun to circulate, however, that those losses might have triggered redemptions by funds-of-funds that have seriously depleted the assets under management by Vega. We’ve heard that total funds under management may now be as low as $1 […]

    / Oct 3, 2006 at 4:50 PM

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