Tuesday, 21 October 2014
Last updated 10 hours ago
Feb 17 2011 | 5:16am ET
Segregating its most illiquid assets hasn’t helped Harbinger Capital Partners keep them from bleeding red ink.
The New York-based firm told clients this week that the $1.3 billion side-pocket housing its toughest-to-sell assets lost 19.5% last year, Bloomberg News reports; its flagship dropped 12% during 2010 while the average fund rose about 10%.
Harbinger founder Philip Falcone used the opportunity to tell investors about still further losses in the illiquid side-pocket, this one to help settle a lawsuit against its flagship. The illiquid vehicle will pay $45 million to settle the claim over Harbinger-controlled Spectrum Brands Holdings filed in 2006 by Nacco Industries; Nacco said yesterday that Harbinger would pay a total of $60 million.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...