Friday, 19 September 2014
Last updated 14 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.