Wednesday, 22 October 2014
Last updated 9 hours ago
Jul 3 2007 | 11:42am ET
United Capital Markets is restricting redemption requests from its hedge funds in an effort to avoid being the next Bear Stearns.
United Capital’s Horizon Strategy hedge funds made “the defensive move because we had an unusually high number of redemption requests and we didn’t want to be a forced seller in this market,” spokesman Michael Gregory told Bloomberg News. One of the withdrawal requests came from an investor representing about a quarter of the Key Biscayne, Fla.-based firm’s $619 million in assets under management.
Like the troubled Bear, which is liquidating one fund and taking over $1.6 billion in secured loans for the other to keep it afloat, Horizon manager and United Capital founder John Devaney invests in sub-prime mortgages and other asset-backed securities. Its flagship, the Horizon ABS Fund, was down 5% in April and May after returning almost 40% last year.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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