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Vega: “We’re Not Broke Yet”

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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 has decided it needed to be a little less reticent in order to avoid investor panic. We’re told they’ve written a letter to investors reassuring them that they haven’t lost quite as much as the rumors had it.
And we’ve got the letter, or possibly an excerpt of it, right after the jump. This is totally unconfirmed, of course. No one at Vega could be immediately reached for comment.

Dear Friends and Investors,

In view of the inaccurate media reporting in various quarters, investors should know that assets under management in investment funds and managed accounts managed or advised by the Vega businesses, which include Vega Asset Management and VegaPlus Capital Partners, are approximately $5 billion as of the end of September 2006.



Grant Hutchinson