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.