Devaney Devising Hedge Fund Comeback

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 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. Since shuttering his Horizon Strategy fund during the summer of 2008, Devaney has been managing his own $60 million fortune, and says he has doubled his money over the last two years.


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