Thursday, 25 December 2014
Last updated 1 day ago
Feb 4 2008 | 12:54am ET
Subprime mortgage-backed bonds have not been good to high-living hedge fund manager John Devaney. But in spite 30%-plus losses last year, Devaney is going to try, try, try again.
The United Capital Markets Asset Management chief said it’s time to buy subprime-backed bonds again. The collapse of the subprime market, which forced Devaney to restrict redemptions in his Horizon ABS Fund, has made them a bargain; some are selling for as little as 10 cents on the dollar.
“Just because I lost money doesn’t mean I will quit, no way,” Devaney told Bloomberg News. “Prices have collapsed and this is the best opportunity I’ve seen in my career.”
The losses last year hit Devaney hard. He was forced to sell his 142-foot yacht and his private jet.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.