CEO / Head Trader of United Capital Markets
United Capital Markets was founded in 1999 by native Floridian, John Devaney. Mr. Devaney spent several years gaining valuable experience as the head trader of a regional firm, trading both ABS and CMO securities, researching structure and collateral history as a necessity to risking capital.
During a difficult period in the ABS market, Mr. Devaney saw that secondary liquidity and analysis was greatly needed, and capitalized on this opportunity in the market to establish UCM.
Beginning with limited capital, Mr. Devaney bid one bond at a time with the philosophy that every bond was one that the firm may own as a long-term investment. As many dealers stepped aside, investors soon came to recognize UCM as a knowledgeable and reliable source for much-needed liquidity in subordinate ABS notes.
As UCM has grown, Mr. Devaney has maintained his commitment to put the needs of the customers first, by handpicking professionals who are highly experienced, talented and focused on customer service. Our team of traders, analysts and sales specialists on both coasts have united in a corporate culture of teamwork, working toward the common goal of delivering unmatched customer service and satisfaction.
United Capital Markets Inc. is a diversified institutional broker-dealer headquartered in Key Biscayne, FL. Founded in 2000, we are a privately owned company with offices in Key Biscayne and Los Angeles.
UCM is a well-established secondary market maker. Simply put, at UCM our mission is to understand risk, find opportunities and provide liquidity for our clients. We strive to capitalize on our unique set of business opportunities, our entrepreneurial style and seamless team culture to deliver our customers the best products, for the greatest value at the optimal time. As we continue to grow, so does our satisfied customer base.
UCM’s success depends on the strength of our people. Our goal is to attract and retain exceptionally talented people who share our passion for individual excellence and our commitment to teamwork. Members of the UCM team recognize that second-rate efforts and products are unacceptable and, therefore we demand excellence from each other and ourselves.
We are committed to providing customer service that is equaled by none. Our clients can call any one of dozens of primary or secondary providers when they have a need. Our mission is to be the first – or only – call our clients make. We want our clients to recognize that their experience with United Capital Markets will always be focused, prompt, productive, and personal. We make it our business to provide market color, product education and to give our clients any other information they require to make informed investment decisions.
Year of Birth:
Key Biscayne, Florida
United Capital Markets
Growing up in South Florida, our cover subject was an avid boater. He has since graduated to power yachts and helicopters. Intense but even-keeled, he had another great year deploying his firm’s capital to make markets in distressed asset-backed securities. Whether it’s securitized aircraft leases or sub-prime home equity, Devaney (who is UCM’s CEO and head trader) and his team (Evan Kestenberg, Randy White and Sean Kirk) have at their disposal the in-house research, pricing models and personal experience to decide more quickly and with more conviction when a seemingly high-risk, gone-sour ABS has become a decent value — even if Devaney has to hold the sucker until maturity.
The firm is known to get creative. In one of its biggest deals last year, UCM accumulated about $150 million (face value) worth of distressed aircraft bonds. They then broke them apart, redeployed cash flows and purchased an insurance policy to guarantee the repayment of the first $100 million. This allowed UCM to reissue that $100 million as exotic triple-A-class paper. At the same time, UCM issued three other lower-rated subordinated classes with different risk profiles, capturing a tasty arbitrage in the process. “A lot of people see John as this big risk taker, but the truth is he’s very calculated,” says one colleague.
Married with three children, Devaney loves free diving. Eschewing regulators and oxygen tanks, free divers merely hold their breath while using special weights to shoot themselves down into the ocean depths. If he keeps up his trading success, by contrast.
New York, NY (May 23, 2007) - John Devaney, the Founder and Chief Executive Officer of United Capital Markets Holdings, Inc. (UCMH), will be honored for his philanthropic works at the 23rd Annual Covenant House Awards Dinner on Tuesday, June 5 at the Waldorf=Astoria in New York City.
Covenant House is the largest privately funded nonprofit agency in the Americas providing crisis care and other crucial services to homeless young people under 21 years of age. Since 1985, the Covenant House Annual Dinner has raised more than $12.5 million by honoring individuals whose integrity and passion have helped call attention to the issue of youth homelessness.
“By being our honoree for this very special evening, John is helping us provide a community of hope and healing to thousands of homeless and runaway kids who have no where else to turn,” said Sister Patricia A. Cruise, SC, President of Covenant House. “The commitment shown by John and his colleagues at United Capital Markets will enable us to rescue even more young people from a dead end life on the streets.”
A native of Key Biscayne, Florida, Devaney is deeply committed to supporting charitable activities both locally in South Florida and nationally. In addition to being honored at the 2007 Covenant House Annual Dinner, Devaney has been recognized by several Florida based non-profit organizations for his philanthropy, including the Donors Forum of South Florida, the Council for Educational Change, and the Florida Immigrant Advocacy Center, among others.
United Capital’s Community Reinvestment Program also supports several dozen non-profit organizations on an annual basis. In 2006, Devaney founded the John and Selene Devaney / United Capital Charitable Foundation.
Devaney, 36, launched UCMH in 1999. Since then, his broker/dealer, United Capital Markets, Inc., has become one of the most successful regional institutional firms specializing in subordinate and distressed ABS trading. Devaney launched his investment advisor affiliate, United Capital Asset Management, LLC (UCAM), in 2005 to serve as a hedge fund manager specializing in the same asset classes as the broker/dealer.
Prior to founding his companies, John spent several years as the head trader of a Florida-based regional firm, trading both ABS and CMO securities. He is self-taught in the ABS markets, researching structure and collateral history as a necessity to risking capital.
John received a Bachelor of Arts Degree from Colorado State University with a double major in Business Finance & English. He resides in Key Biscayne, Flroida with his wife and three children.
The 2007 Covenant House Annual Dinner begins with cocktails at 6:00 p.m. followed by the formal dinner program at 7:30.
For more information about the dinner including how to purchase a table/tickets or place an advertisement in the annual dinner journal, please contact Nancy Cunningham at (212) 727-4114 or firstname.lastname@example.org.
PAST HONOREES OF THE COVENANT HOUSE ANNUAL DINNER
Willard C. Butcher, Chairman & CEO
The Chase Manhattan Bank
J. Peter Grace
W.R. Grace and Co.
William B. Simon
former Secretary of the Treasury
Denis P. Coleman, Jr.
The Kids of Covenant House
John Cardinal O’Connor
Archbishop of New York
Chairman ATT (ret.)
William B. Finneran
Managing Director, Oppenheimer
Barbara T. Alexander
Managing Director, SBC Warburg Dillon Read Inc.
William F. Reilly
Ronald E. Blaylock,
President & CEO, Blaylock & Partners
Editor in Chief, Good Housekeeping Magazine
Senator George Mitchell
CFO, The Great Atlantic and Pacific Tea Company
Brian D. McAuley
President, Neoworld Telecommunications, Inc.
Freddie Mac Foundation
Sister Mary Rose McGeady, D.C.
President, Covenant House
Cravath, Swaine and Moore
About Covenant House www.covenanthouse.org:
Covenant House is the largest privately funded childcare agency in the Americas, providing shelter and other basic services to homeless and runaway youth. In addition to food, shelter, clothing and crisis care, Covenant House provides health care, education, vocational preparation, drug abuse treatment and prevention programs, legal services, recreation, mother/child programs, transitional living programs, street outreach and aftercare.
With an operating budget of more than $120 million, Covenant House provided direct services to more than 60,000 young people under age 21 during FY2006. The Covenant House Nineline (800-999-9999 / nineline.org), a 24-hour crisis hotline, received more than 500,000 calls from young people throughout the United States.
Covenant House was incorporated in New York City in 1972 and has since expanded to include 21 locations in six countries throughout North and Central America.