Hedge Funds

Vega backing out of Vinya seeding

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Vega Asset Management is understood to be backing out of plans to seed at least one of its external managers on the Vega Plus platform. The move follows a recent rough patch of performance which culminated in moderate net redemptions.

It appears that Vinya Capital, the Stamford, Conn.-based global macro start-up led by Merrill Lynch rates and foreign exchange veteran Michael DeSa and former Cigna chief investment officer Farhan Sharaff, will no longer be part of the platform.

Vinya, which was formed earlier this year with a 16-member trading desk and plans to launch in the fourth quarter, has