Current news for this fund:
United Capital Markets Holdings Inc.: Horizon Funds - Subprime ABS
Count of distinct funds: 4
Devaney has closed down all his funds. These are Horizon Fund, Horizon ABS Fund, Horizon Fund III and Horizon ABS Master Fund. According to the Miami Herald article:
The banks were sure very generous for a very long time.
The New York Times article has more detail on Devaney and his situation. It also mentions that United Capital Markets Holding is still in business as a broker-dealer.
Original Writeup, 2007-07-02
Bloomberg reported on July 2nd that United Capital Markets Holdings (or "UCMH") had halted redemptions on certain hedge funds residing in their Horizon Strategy group. The article reports:
Update, August 18, 2007: A MarketWatch article lists the effected funds as Horizon Fund L.P., Horizon ABS Fund L.P., Horizon ABS Fund Ltd. and Horizon ABS Master Fund Ltd., and has more background on Devaney's shop.
We also found this article (there are many others like it) which points out that Devaney, who had significant amounts of money invested in the funds (to his credit), has had to put up many of his personal luxury assets for sale (helicopter, 142-foot yacht, mansion in Aspen, etc.). Will Devaney be able to bail out his funds with his (his family's?) own money? Stay tuned to find out.
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Important: This fund is on our list of hedge funds that have "imploded" (see also ailing lenders). However, please note that "imploded" is a somewhat subjective. The "imploded" list contains hedge funds (or other unregulated and autonomous speculative investment funds) which have gone through some sort of permanent adverse change. This is a somewhat subjective call, and does not necessarily mean total shutdown or bankruptcy. It can also mean steep and rapid mark-downs in net asset value; or abnormal "bail-out" by corporate parents or peers in order to avoid write-downs and provide liquidity. The funds are of any type and sector.