Harbinger Down In August; Firm Transfers Spectrum Stake

Sep 14 2010 | 11:03am ET

A bad 2010 got worse for Harbinger Capital Partners in August.

The firm’s flagship hedge fund lost 4.7% last month, Reuters reports. The fund is now down 16.3% on the year.

Separately, the New York-based firm, which manages about $8 billion, announced that it would transfer the fund’s stake in Spectrum Brands Holdings to a holding company of its own, Harbinger Group. Harbinger Group, an acquisitions company, will take a 54.4% stake in Spectrum. In exchange, the Harbinger fund will take a 93.3% stake in Harbinger Group.

The fund will also maintain a 12.7% stake in Spectrum, which owns such brands as the George Foreman grills, Black & Decker and battery company Rayovac.


In Depth

U.S. Treasury Moves on Reinsurance Loophole

Apr 24 2015 | 5:11pm ET

The U.S. Treasury Department has released proposed rules aimed at limiting the ability...

Lifestyle

Puerto Rico Woos The Rich But So Far Gains Little

Apr 17 2015 | 2:45am ET

Hedge fund manager Rob Rill grins. He has just had word that U.S. financial regulators...

Guest Contributor

Starting a ‘40 Act Fund Family? Don’t Forget Your Board

Apr 30 2015 | 7:18am ET

The convergence of the hedge fund and mutual fund worlds continues unabated, as...

 

Editor's Note