Devaney liquidates credit funds

Fri Jul 11, 2008



United Capital Asset Management, John Devaney’s Key Biscayne, Florida-based alternatives shop, has liquidated its Horizon credit funds, following their inability to meet margin calls from lenders Deutsche Bank and Pershing.


Deutsche Bank, which issued a $90 million margin call in late June, subsequently seized the funds’ assets and auctioned them off, according to a letter Devaney sent to investors on July 9. The letter said that action depleted the funds...

ISSN: 2151-1845 / CDC10004H

Register

By registering you will receive

  • A monthly newsletter on your specified areas of interest
  • A fortnightly update on the sector

Free Trial

Take a trial today and access

  • Performance news, fund launches, regulation changes and people moves
  • Profiles of fund managers, investors and distributors
  • Live league tables
  • Investor mandates


Popular Searches on HFI