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Sunday, 11 December 2016
Last updated 1 day ago
May 11 2012 | 11:58am ET
Here’s some good news for a hedge fund that desperately needs some: Harbinger Capital Management's permanent capital vehicle cut its second-quarter loss.
Harbinger Group said yesterday that it lost $3.9 million in the three months ended April 1. In the year-earlier period, the vehicle lost $62 million.
Harbinger Group credited the results to its acquisition of Fidelity Guaranty & Life. The insurer contributed $359 million to Harbinger Group's $1.11 billion in revenue, the lion's share of the $416.1 million increase in that metric.
The vehicle added that its consumer product revenue—Harbinger Group owns the majority of Spectrum Brands Holdings—rose 8% in the quarter.