Tuesday, 23 September 2014
Last updated 2 min ago
Jul 23 2010 | 1:51pm ET
Harbinger Capital Management’s illiquid assets lost a whopping 10% last month.
The hedge fund’s $2 billion side-pocket is down 14% this year, Bloomberg News reports. The assets, which Harbinger segregated two years ago, lost almost three times as much in June as they lost through the first 11 months of last year, when they fell by 3.6%. At the time they were segregated, the assets in the side pocket made up 35% of the fund’s assets.
Harbinger has returned only about 10% of the side pocket, which it warned could take as long as two years to liquidate. But, almost two years in, Harbinger has not made a second payment to investors, as it planned to do earlier this year.
All told, Harbinger lost 4.8% last month and is down 9.3% on the year.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.