Devaney liquidates credit funds


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 – including the Horizon Fund, Horizon ABS Fund and Horizon Fund III – of most of their assets.

The funds’ remaining bonds, which were held at Pershing, had