Fund closures: Liquidation of United Capital`s Horizon funds - actions of lenders (Deutsche, Pershing) `ended any recovery that might have been available to the funds`, says Devaney, Devaney has personally lost over $150m, plans to rebuild business and reputation, Comment: Are hedge funds really `roach motels`?
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Opalesque Exclusive: Liquidation of United Capital`s Horizon funds - actions of lenders (Deutsche, Pershing) `ended any recovery that might have been available to the funds`, says Devaney
Benedicte Gravrand, Opalesque London: John Devaney, CEO of Florida-based United Capital Asset Management LLC, did not advertise the fact that the Horizon hedge funds had lost about 82% by September 2007. Yesterday however, he sent a report to his investors announcing the liquidation of the funds.
An investor, who had not been able to withdraw his funds for several months, alerted Opalesque in February (see our exclusive: John Devaney`s Horizon funds `a classic blow-up caused by hubris, ego, and disregard for risk management` - investor prepares for total loss, `how can he continue his spin?`) about the funds being frozen due to bad credit investments.
Opalesque obtained a copy of the report Devaney sent to his investors yesterday, which confirms the Horizon funds’ liquidation and explains what lead up to it. These funds include: Horizon Fund, LP; Horizon ABS Fund, LP; Horizon ABS Fund Ltd.; Horizon Fund III, Inc. and Horizon ABS Master Fund, Ltd.
Deva...................... To view our full article Click here
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