Sunday, 7 February 2016
Last updated 1 day ago
Jul 6 2011 | 7:54am ET
Peter Jenson has resigned as COO and director at Philip Falcone’s hedge fund firm Harbinger Capital Partners.
Jenson’s resignation was recorded in a regulatory filing and comes during a difficult time for Harbinger, which is dealing with issues surrounding its LightSquared wireless venture and a controversial plan to offer in-kind redemptions (in the form of LightSquared shares) to Harbinger investors. The hedge fund has a substantial portion of its assets invested in the wireless scheme.
According to Bloomberg, the documents provide no reason for the resignation other than the "mutual agreement" of Jenson and Falcone.
In related news, Omar Asali is poised to become president of the Harbinger Group, Falcone’s permanent capital vehicle, replacing the current president—Falcone himself—who will continue to serve as board chair, CEO and CIO.
Said Falcone: "Omar's appointment significantly strengthens the management team for building HGI, and I look forward to working with him to take the company forward. I have known Omar for almost 10 years and have complete confidence in his management skills and ability to lead and build organizations. I believe his business and financial acumen will contribute significantly to our future growth and value-creation potential."
Asali has served as a director of the company since May 2011. He is also a managing director and head of global strategy for Harbinger Capital Partners and is responsible for its global portfolio and business strategy.
Prior to joining Harbinger Capital Partners in 2009, Asali was co-head of Goldman Sachs hedge fund strategies where he helped to manage capital allocated to external managers. Asali also served as co-chair of the investment committee at HFS. Before joining HFS in 2003, Asali worked in Goldman Sachs' investment banking division, where he provided merger and acquisition and strategic advisory services.