Harbinger Backers To Launch New Distressed Hedge Fund

Dec 14 2010 | 1:57pm ET

Hedge fund and asset management shop Harbert Management Corp. is betting that Greg Jordan is the next Philip Falcone.

The Alabama-based firm, which seeded Falcone's Harbinger Capital Management—then known as the Harbert Distressed Investment Master Fund—almost 10 years ago has hired the former Oppenheimer & Co. trader to launch a new distressed debt fund, Reuters reports.

Harbert reportedly decided late last year—after spinning off Harbinger—that it wanted to continue to invest in distressed credit. The firm has pulled most its money from New York-based Harbinger, although it still is an investor with Falcone's fund.

The new Harbert Credit Opportunities Fund is set to launch on Feb. 1 with a "meaningful" seed commitment from Harbert, which manages $2.7 billion. Jordan's new fund will also raise money from outside investors. It is unclear how much Jordan will manage at the fund's inception.

Jordan joined Oppenheimer last year as a portfolio manager, specializing in leveraged loans, distressed debt and special situations involving medium-sized companies. He formerly headed proprietary leveraged credit trading at the Bank of Tokyo's Union Bank.


In Depth

Q&A: George Schultze On His Fund's Unique Approach to Distressed Investing

Apr 16 2015 | 1:01am ET

George Schultze is a managing member of Schultze Asset Management, a long/short...

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

Minnesota Supreme Court Rejects The Ponzi Scheme Presumption: Lenders Claw Back Some Of Their Own Rights

Apr 17 2015 | 9:23am ET

A recent court ruling in Minnesota has put an end to the Ponzi Scheme Presumption...

 

Editor's Note