Saturday, 28 March 2015
Last updated 1 day ago
Aug 6 2010 | 3:37pm ET
By Teri Buhl, Contributor
Phil Falcone's Harbinger Capital is launching a Pan Asia fund next month, FINalternatives has learned. According to people close to the hedge fund firm, the vehicle will focus on special situation opportunities and has already received a $500 million commitment from one large investor.
This will be the hedge fund titan's first foray into the region. Falcone will be managing the investment himself out of his New York Office. The fund is still open to investors.
Hedgefund.net's Asia Index, which tracks over 600 funds that invest in the region, shows that last year the average return for the sector was 21.91%, but this year the index has barely gained ground, returning only 1% year-to-date through July.
Some of Harbinger's funds have been hit by negative performance lately, but according to investors, it’s not all a downer. FINalternatives has learned that Harbinger’s Blue Line fund has returned 6.13% year-to-date through July 31 and its Breakaway fund is up 6.61% for the same period.
It’s been a busy week for Falcone, who’s showing the street just how diverse he can play the market. Yesterday he signed a deal, for a discount to its recent value, to buy the U.S. unit of insurance company Old Mutual for $350 million. Clusterstock, which was first to report about the acquisition, noted that Falcone has been eyeing various insurance assets for quite some time.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…