Thursday, 26 May 2016
Last updated 14 hours ago
Jan 11 2011 | 6:07am ET
Harbinger Capital Partners’ Lawrence Clark has left the hedge fund to found one of his own.
Clark, a partner at Harbinger since 2005 and a senior analyst focused on metals and mining investments, plans to launch the firm within the next six months, The Wall Street Journal reports. The as-yet unnamed firm will employ an event-driven strategy, investing in a broad array of sectors, among them industrials and agriculture.
“This is the right time for me,” Clark told the Journal. “I’m very comfortable with taking on the risk.”
Clark is leaving Harbinger as the firm focuses more of its attention—and its dwindling assets—on founder Philip Falcone’s wireless communications venture. But Clark made clear that the split is an amicable one. Harbinger and Falcone have also dealt with a series of public relations setbacks, including an uproar over a loan Falcone took from a Harbinger hedge fund and a Securities and Exchange Commission investigation.
“This is entirely about what’s right for me and reflects in no way on Phil or Harbinger,” he said.
Falcone echoed the sentiment, telling Harbinger investors that he is “very supportive of Larry’s decision and also very happy for him. I have no doubt that he will have continued success and I am confident that we will maintain our close relationship as he travels down this new path.”
Clark resigned from Harbinger on Friday.