Turnover at Nomos Capital, a third-party marketing firm that raised billions of dollars for Spanish hedge fund Vega Asset Management Partners, has fallen to its lowest level since 2002.

Founder Mark Lowe has retired and been replaced as chief executive by Nick Headley, a director since 2001. Nomos Capital's turnover was £1.2m (€1.8m) for the 12 months to March 31, down from £3.9m in 2005, according to accounts filed at Companies House. Turnover rose from £600,000 in 2002 to £3.3m in 2003 and £13.6m in 2004. The firm, which employs four people, paid most of the money it made each year to its directors. Lowe is thought to have been the principal beneficiary. Nomos Capital's fortunes in the past five years have been linked to those of Vega. Third-party marketers take a fifth of any fees a manager earns from assets raised for clients. The Spanish hedge fund manager increased assets in its flagship funds from $2bn (€1.5bn) in 2003 to almost $11bn in 2004. Investment losses and client redemptions took the assets in Vega's flagship funds down to about $2.5bn, while the firm had about $2.5bn in VegaPlus, a business that backs other hedge fund managers.