Harbinger Capital

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Harbinger Capital Partners
Type Private company
Industry Financials
Founded 2001[1] in Birmingham, Alabama by Harbert Management Corporation
Headquarters New York City, New York, USA
Key people Philip Falcone (Senior Managing Director)
Website www.harbingercapital.com

Harbinger Capital Partners is a private hedge fund based in New York City, New York, founded by Philip Falcone. Falcone remains the fund's Senior Managing Director.

Overview

Harbinger is notable for betting against sub-prime mortgages in the United States and the United Kingdom, including HBOS.[2][3] It is also a major investor in LightSquared, a troubled wireless communications company.[4][5]

The firm's hedge funds include the Harbinger Capital Partners Master Fund, the Credit Distressed BlueLine Fund, Harbinger Capital Partners Special Situations Fund.[6]

According to press accounts the assets under management at Harbinger peaked at $26 Billion in 2008 and had declined to approximately $9 Billion as of 2010 due to sizeable investor redemptions with approximately 40% of that total (approximately $3.5 Billion) concentrated in investments related to building a high-speed wireless network in the United States.[7]

History

Harbinger was founded by its Senior Managing Director Philip Falcone and Harbert Management Corporation, a Birmingham, Alabama-based investment company that provided much of the original funding. Harbinger had funds under management of $26.5 billion (£13.4 billion) as of the end of June 2008.[8][9] In 2009, Harbinger acquired the ownership of its funds from Harbert, although Harbert handled administrative functions for Harbinger for a short transitional period. Also in 2009, Harbinger acquired controlling stock of the Zapata Corporation from the Glazer family and changed its name to The Harbinger Group Inc. (NYSE: HRG).[10]

Harbinger has owned large stakes in The New York Times Company, Cleveland-Cliffs, and 28% stock ownership of satellite communications company Inmarsat. The company has also owned stakes in rival satellite operators SkyTerra and Terrestar,[11] and British sugar producer Tate & Lyle.

Harbinger Capital, which owned Russell Hobbs, merged it with Spectrum Brands on June 16, 2010 for $661 million and now controls approximately 64% of the appliance maker, Spectrum.

References

  1. ↑ http://www.independent.co.uk/news/world/americas/hands-up-if-you-made-billions-of-dollars-out-of-the-credit-crisis-1017955.html?action=Popup&ino=5
  2. ↑ http://www.bloomberg.com/apps/news?pid=20601087&sid=a1sW_.0wEhII&refer=home
  3. ↑ http://www.independent.co.uk/news/world/americas/hands-up-if-you-made-billions-of-dollars-out-of-the-credit-crisis-1017955.html?action=Popup&ino=5
  4. ↑ http://www.lightsquared.com/about-us/our-investor/
  5. ↑ http://www.baltimoresun.com/business/sns-rt-us-falcone-lightsquaredbre83t006-20120429,0,6596040.story
  6. ↑ HedgeTracker Investment Profile for Harbinger
  7. ↑ Lisa Falcone article Bloomberg Businessweek, September 20–26, 2010, pg 68, "Who You Calling 'Wife Of'?" by Alexandra Wolfe
  8. ↑ http://www.ft.com/cms/s/0/a93cca04-e018-11dd-9ee9-000077b07658.html
  9. ↑ http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4289635.ece
  10. ↑ Bloomberg, Manchester United Owner Glazer Turns to Falcone (Update1)
  11. ↑ http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4289635.ece

External links

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