Thursday, 24 July 2014
Last updated 13 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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…