Friday, 31 October 2014
Last updated 7 hours ago
Aug 2 2007 | 10:35am ET
Selling his 142-foot yacht may be just the beginning for hedge fund manager John Devaney, as his funds booked a 30% drop in June and are bracing for an even bigger loss in July.
Key Biscayne, Fla.-based United Capital Markets Asset Management’s Horizon ABS Fund restricted redemptions early last month because it “didn’t want to be a forced seller in this market,” a spokesman said at the time. But after a 5% drop in April and May and June’s 30.4% tumble, the once-$620 million fund is now down to about $460 million, Hedge Fund Alert reports.
UCM—like the pair of collapsed, and now bankrupt, Bear Stearns credit hedge fund—is heavily invested in asset-backed and sub-prime mortgaged-backed securities. The losses are reportedly the result of several disastrous trades Devaney made based on the ABX index.
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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