Yacht Enthusiast Devaney's Fund Sinks In June

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.


In Depth

Don’t Overlook These 6 Hybrid Cloud Concerns

Sep 14 2017 | 6:27pm ET

Cloud-based technology solutions have made tremendous inroads into the alternative...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Cash: An Asset In Adolescence

Aug 31 2017 | 3:34pm ET

If the investment industry has a rebellious teenager in the house today, that teenager...

 

From the current issue of