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...