Harbinger Permanent Capital Vehicle Drastically Cuts Loss

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.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…