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, founded by Philip Falcone. Falcone remains the fund's Senior Managing Director.
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Overview [edit]
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 [edit]
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 majority ownership of its funds from Harbert, although Harbert still handles administrative functions for Harbinger from its Birmingham and New York City offices. 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 [edit]
- ^ 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.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
- ^ http://www.lightsquared.com/about-us/our-investor/
- ^ http://www.baltimoresun.com/business/sns-rt-us-falcone-lightsquaredbre83t006-20120429,0,6596040.story
- ^ HedgeTracker Investment Profile for Harbinger
- ^ Lisa Falcone article Bloomberg Businessweek, September 20–26, 2010, pg 68, "Who You Calling 'Wife Of'?" by Alexandra Wolfe
- ^ 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
- ^ Bloomberg, Manchester United Owner Glazer Turns to Falcone (Update1)
- ^ http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4289635.ece
