Devere Group - The Senior Management team at Devere own part of frozen UAM Funds
The Senior Management team at Devere were offered the chance to part own the UAM funds. The idea being to lock them in and not leave. These guys are Mr Green's Generals.
They were offered a % of the fund over several years based on how much their teams contributed to the fund.
The idea being that after 5 years the fund would be sold or Mr Green would buy it from them if there were no other buyers.
The 5th anniversary was March 2013. Could it be that Mr Green actually closed the fund and suspended it just so that he would not have to pay out and therefore locking in and most likely losing $50M of clients money at the same time????
Answers on a postcard please.