Sunday, 19 October 2014
Last updated 2 days ago
Oct 11 2011 | 1:10pm ET
Harbinger Capital Management has an exit strategy for clients who've been stuck with the firm since it suspended or restricted redemptions three years ago.
The firm told clients yesterday that it would seek to facilitate secondary-market sales of stakes in its Special Situations fund and two side-pockets to its flagship hedge fund. New York-based Harbinger said it would put clients who want their money back in contact with "potential purchasers" and would even allow privately-negotiated transactions, subject to its approval.
"We are exploring several options in an attempt to accommodate investors," Harbinger founder Philip Falcone wrote in the letter, which was obtained by Bloomberg News.
Harbinger barred withdrawals from its Special Situations fund and created the two side pockets in the wake of the Lehman Brothers collapse. One of the side pockets holds assets that remain tied up in the Lehman bankruptcy.
Both Special Situations and Harbinger's flagship own large stakes in LightSquared, the wireless venture championed by Falcone. In recent months, some investors have received part of their redemptions in the form of in-kind distributions of LightSquared shares, which are illiquid.
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 ...