Hedge Fund Manager On Gilded Path To Homelessness

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This isn’t even funny anymore. United Capital Markets Asset Management manager John Devaney, who just last week was forced to put his yacht up for sale after his fund restricted investor withdrawals due to some trading bets that didn’t exactly pan out, may have to sell his waterfront mansion in Miami. The estate is considered to be in serious “jeopardy,” now that United’s Horizon ABS funds have booked a 30.4% loss for June. Once valued at $620 million, the fund’s portfolios are now estimated to be worth around $460 million with losses for July expected to be even worse, if that’s possible (which it is—Jeff Larson knows what we’re talking about). If this guy is stripped of his other properties in New York, or around Miami, or his helicopter or Gulfstream jet, we’re really going to lose it.
Devaney Capsized by Bonds [NYP]

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