Monday, 20 April 2015
Last updated 8 hours ago
Oct 6 2010 | 3:57am ET
Two years after his last hedge fund went belly-up, United Capital Markets' John Devaney is mulling a new debt fund.
Devaney himself says he is "noodling" with launching another hedge fund, Reuters reports. Since shuttering his Horizon Strategy fund during the summer of 2008—after it missed a $90 million margin call, leaving investors with nothing—Devaney has been managing his own $60 million fortune, and says he has doubled his money over the last two years.
Now, with European and New York-based investors once again clamoring for a piece of the UCM chief, Devaney is drawing up rough plans for a fund called Client First. Under that plan, Devaney would personally take the first $20 million in losses in exchange for a bigger cut of the profits in good times.
And good times he expects aplenty: Devaney said he thinks he could triple the fund's initial $200 million in no more than seven years.
Devaney told Reuters at the IMN ABS East conference that he hopes the new fund would eventually allow him to manage "a few billion" on behalf of clients, expanding Key Biscayne, Fla.-based UCM for the first time in four years.
"I don't know what's around the corner, but maybe next year I'm going to end up growing," he said. "I'd really like to buy an apartment in New York. And there are several people that have said, 'If you set up an office in New York City, I'll come work for you in a second.' So I might grow my firm a little."
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…