Harbinger Capital
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| 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.
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[edit] Background
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. Before that, Falcone had been a trader at Barclays Capital. Harbinger had funds under management of $26.5 billion (£13.4 billion) as of the end of June 2008.[2][3] In 2009, Harbinger acquired the majority ownership of its funds from Harbert, although Harbert still handles administrative functions for Harbinger from its Birmingham and New York City offices.
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,[4] and British sugar producer Tate & Lyle.
Harbinger is notable for betting against sub-prime mortgages in the United States and the United Kingdom, including HBOS.[5][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]
The firm's hedge funds include the Harbinger Capital Partners Master Fund, the Credit Distressed BlueLine Fund, Harbinger Capital Partners Special Situations Fund.[8]
Harbinger Capital, which owned Russell Hobbs, mergered it with Spectrum Brands on June 16, 2010 for $661 million and now controls approximately 64% of the appliance maker, Spectrum.
[edit] Management background
Philip Falcone grew up in a large family and was the youngest of nine children who lived in a 3-bedroom home. Growing up in Chisholm, Minnesota, Falcone was a stand-out hockey player. He went on to play Varsity hockey at Harvard College, graduating with the class of 1984, and then he briefly played for Malmo, a Swedish hockey team. His sport career ended after he sustained a leg injury. In 2008, Falcone became a majority owner of the NHL's Minnesota Wild hockey team when he purchased a 40% stake of the hockey team.[9]
In 1997, Falcone married his wife Lisa Maria Falcone. Mrs. Falcone grew up in Spanish Harlem and has an associate's degree from Pace University. She is very active in philanthropic causes, including the American Museum of Natural History and the New York City Ballet. In 2009, the couple reportedly donated $10 million to New York City's High Line project.[10]
[edit] References
- ^ 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
- ^ http://www.ft.com/cms/s/0/a93cca04-e018-11dd-9ee9-000077b07658.html
- ^ http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4289635.ece
- ^ http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4289635.ece
- ^ http://www.bloomberg.com/apps/news?pid=20601087&sid=a1sW_.0wEhII&refer=home
- ^ 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
- ^ Lisa Falcone article Bloomberg Businessweek, September 20–26, 2010, pg 68, "Who You Calling 'Wife Of'?" by Alexandra Wolfe
- ^ HedgeTracker Investment Profile for Harbinger
- ^ Minnesota Hockey Star Strikes Gold on Wall Street
- ^ Philanthropist With a Sense of Timing Raises Her Profile
