(Bloomberg) -- John Devaney, who invests in subprime
mortgage bonds, restricted redemptions to protect some of his
Horizon Strategy hedge funds from being forced to sell assets.
It's ``a defensive move because we had an unusually high
number of redemption requests and we didn't want to be a forced
seller in this market,'' Michael Gregory, a spokesman for
Devaney's United Capital Markets Holdings Inc. said yesterday. One
investor who wanted to withdraw accounted for about 25 percent of
the funds' money, he said. United Capital, based in Key Biscayne,
Florida, oversaw $620 million in its fund group as of March 31 and
$266 million in its money-losing Horizon ABS funds, an April
investor letter said.
Read more at Bloomberg Bonds News
mortgage bonds, restricted redemptions to protect some of his
Horizon Strategy hedge funds from being forced to sell assets.
It's ``a defensive move because we had an unusually high
number of redemption requests and we didn't want to be a forced
seller in this market,'' Michael Gregory, a spokesman for
Devaney's United Capital Markets Holdings Inc. said yesterday. One
investor who wanted to withdraw accounted for about 25 percent of
the funds' money, he said. United Capital, based in Key Biscayne,
Florida, oversaw $620 million in its fund group as of March 31 and
$266 million in its money-losing Horizon ABS funds, an April
investor letter said.
Read more at Bloomberg Bonds News
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