Reuters – Vega Asset Management Partners LP, a $7.5 billion hedge fund manager, posted marginal gains for most of its seven funds in December after suffering losses during 2005, according to a Vegainvestor newsletter obtained by Reuters on Tuesday.<\/p>\n
New York-based Vega, which was founded by former Banco Santander (SAN.MC: Quote<\/a>, Profile<\/a>, Research<\/a>) star trader Ravi Mehra a decade ago, returned a net gain of .52 percent for its flagship global fund in December, but showed a negative 1.5 percent net return for the full year, the newsletter said.<\/p>\n Vega Global, a “macro” fund which trades a variety of fixed income, currencies and equities, was hit by turbulence in the credit markets in the second quarter, particularly with credit downgrades for General Motors (GM.N: Quote<\/a>, Profile<\/a>, Research<\/a>) and others. In June, for instance, the fund posted negative returns of 3.5 percent, its worst month of 2005, according to the newsletter.<\/p>\n