United Capital moves to halt investor exodus

United Capital Asset Management, the Florida-based fund manager, has suspended redemptions from four of its funds in reaction to a spike in redemption requests.

Investors were alarmed by the well-publicised problems in the US ABS sector, after Bear Stearns bailed out two of its high-grade ABS funds and UBS wound down hedge fund division Dillon Read.

The redemption freeze affects four funds in the Horizon programme, managed by founding partner John Devaney. The funds are: Horizon Fund LP, Horizon

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