Monday, 29 December 2014
Last updated 52 min ago
Feb 5 2008 | 1:00am ET
Hedge fund manager John Devaney has gone from optimism to fear-mongering at a desert pow-wow.
The United Capital Markets Asset Management chief told the American Securitization Forum conference in Las Vegas that there’s a 20% chance a “major international investment bank” will go bust as non-subprime mortgage-backed bonds may bring further losses.
“It’s getting worse and worse every day,” he said, saying the fall in non-agency mortgage securities “may be more of a problem than the subprime crisis.”
Devaney’s fund lost about 35% last year, buffeted by losses in the credit markets, and forcing him to sell his yacht and private jet. But at the conference, Devaney reiterated that the market collapse has opened opportunities.
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.