After a year that proved very difficult for Vega Asset Management's four core hedge funds, its manag...
After a year that proved very difficult for Vega Asset Management's four core hedge funds, its manager platform, holding 12 other products, has breached the $1bn mark in external investments.
The group's president Michael Mann said the platform contains a range of strategies run by non-Vega employees, far beyond the company's main focus on fixed income/global macro and foreign exchange.
In return for infrastructure, marketing and other support Vega offers its platform to fund managers and takes a stake in the success of the funds. Mann added the 12 funds had performed "extremely well".
Last year was not kind to Vega, whose assets under management are believed to have dropped from a high of around $11bn to less than half that.
Mann said he did not expect "such mercurial growth" as that which had seen Vega accused by some of having taken in more than it could handle, at its zenith.
But he anticipated much future growth for the group to come from the platform funds it offered.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
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Will report to Mark Till