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Forbes Business

8-2-2007 1:43 PM

223 views

tags:

united capital markets, john devaney, asset-backed funds, losses

Forbes Business says:

If it's not bad enough that some people are losing their jobs and major university endowments (not to mention public pension plans) stand to lose on their investments, now fund managers who bet poorly and lost big in the July market rout are being forced to sell off their own yachts and vacation homes. -- Liz Moyer

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/d0f9cf4b-2d9f-4da2-a5b5-d3c95f1028a5/18F20ECA-7CA2-450A-B271-EF1987CF22A2/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.nypost.com/seven/08022007/business/devaney_capsized_by_bonds_business_roddy_boyd.htm" href="http://www.nypost.com/seven/08022007/business/devaney_capsized_by_bonds_business_roddy_boyd.htm" style="font-size: 11px;">www.nypost.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nypost.com/seven/08022007/business/devaney_capsized_by_bonds_business_roddy_boyd.htm">DEVANEY CAPSIZED BY BONDS</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nypost.com/seven/08022007/business/devaney_capsized_by_bonds_business_roddy_boyd.htm"> United Capital Markets Asset Management's Horizon ABS funds - already forced to restrict investor withdrawals due to trading bets gone awry - booked a 30.4 percent loss in June, according to trade publication Hedge Fund Alert.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nypost.com/seven/08022007/business/devaney_capsized_by_bonds_business_roddy_boyd.htm"> The losses resulted from a series of devastating trades that Horizon's general partner - and noted bon vivant - John Devaney made on the direction of a key asset-backed securities index.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nypost.com/seven/08022007/business/devaney_capsized_by_bonds_business_roddy_boyd.htm"><P> The losses are not only expected to continue mounting, but with $100 million of his family's capital in the fund, Devaney's once considerable estate appears to be in jeopardy. </P><P> Already, Devaney has been forced to put up for sale his prized 142-foot yacht named "Positive Carry." He's also just listed a recently purchased property in Aspen, Colo., for $16.5 million.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/18F20ECA-7CA2-450A-B271-EF1987CF22A2/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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