About two years back, Asset Sales Report (ASR's predecessor) profiled United Capital Markets, an ABS-focused broker/dealer and market maker located on an island of the coast of Miami, Key Biscayne. Even then, when trader and Chief Executive Officer John Devaney was running the show solo, he was brewing loyalty with maybe 20 accounts, some of which well known in the ABS market.

Back then, Devaney was proud to say he'd done $300 million in subs for the year, with $2 million in net capital. Things have picked up. Last year alone, the firm moved about $2.5 billion in subordinate ABS, with a net capital at roughly $50 million.

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