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

Royalties: The Alternative Assets of the Music Industry

Jul 8 2016 | 7:01pm ET

Recent market volatility has investors seeking greater insight into alternative...

Lifestyle

Vortic: Making Great American Watches Again

Jul 25 2016 | 6:29pm ET

If you are compelled by stories of entrepreneurial vision & drive, or simply...

Guest Contributor

MPI: Like Stellar Returns? Better Understand the Risks First

Jul 22 2016 | 8:44pm ET

When the press reports extraordinarily strong relative or risk-adjusted returns...