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

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...