Hedge Funds

Berg departs Vega; BBVA ploughs $1bn into VegaPlus

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Vega Asset Management, the Madrid, New York and London-based hedge fund group headed by chief investment officer Ravi Mehra, on February 28 announced a change in personnel at the head of its U.S. operations as well as a landmark joint venture with the big Spanish financial group BBVA.

Jon Berg is retiring from his role as chief executive of Vega Asset Management LLC, the group's North American operation, based in New York. His role is to be taken over by Michael Mann, who is currently global head of marketing for Vega. While Berg's retirement is effective immediately, he will