More Losses At Vega

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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 and stable” and is not in danger of a total collapse. But remember that’s what we heard from Amaranth at first. And now the fund is said to be liquidating all its assets.
So how badly has Vega been hit overall. Rumors are still circulating that total assets under management are down to $1 billion.
Anyone have a copy of the letter? We’d like to see it for ourselves. Send it to tips (at) dealbreaker (dot) com. (And, of course, we'll keep your identity strictly confidential. Bess will even do a Judy Miller turn in jail if it really comes down to it.)
Vega says Select fund down 16.7 pct in 2006 [Reuters]

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