Tuesday, 4 August 2015
Last updated 4 min 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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…