Tuesday, 21 October 2014
Last updated 6 hours ago
Sep 20 2012 | 10:06am ET
Harbinger Capital Management's growing need for cash is being filled, in at least a small way, by its permanent capital vehicle.
The hedge fund's Harbinger Group said this week that one of its chief holdings, Spectrum Brands, would pay a special dividend that would yield it about $30 million. The distribution comes after a $20 million payment from portfolio company Fidelity & Guaranty Life in December, with a similar payment expected from F&GL in the fourth quarter.
In addition, Harbinger announced that Spectrum, which owns brands such as Black & Decker, Rayovac and Remington, is expected to begin paying quarterly dividends next year.
"This is a significant milestone for HGI, as this dividend payment will help further fuel value creation for our shareholders in 2012, and Spectrum Brands ongoing quarterly dividend will provide another dedicated cash flow stream going forward," Omar Asali, Harbinger Group's president and a Harbinger Capital executive, said. "Spectrum Brands is emblematic of the type of value-creating businesses that HGI seeks in order to deliver on its long-term strategic objectives."
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 ...