Wednesday, 25 November 2015
Last updated 1 hour ago
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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…