Tuesday, 22 July 2014
Last updated 1 hour 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.
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…