Harbinger Seeks More Cash, Independence

Jun 18 2008 | 12:10pm ET

Harbinger Capital Partners is stepping out.

The Birmingham, Ala.-based hedge fund, which made headlines with its successful bid for representation on The New York Times Co.’s board of directors, is looking to grow and become more independent from its parent company. Harbinger chief Philip Falcone wants to add $4 billion over the next six months, the New York Post reports, and has retained Park Hill, the Blackstone Group’s third-party marketing unit, to seek investments from pensions and sovereign wealth funds.

The $25 billion firm is also aiming to create its own identity, separate from that of parent Harbert Management Corp. The firm will move into separate quarters later this year, and is also building its own marketing team, the Post says. It will continue to use Harbert’s back-office, legal and compliance teams.


In Depth

Q&A: Sancus Capital And The Disruption Of The CLO Market

Oct 5 2017 | 6:28pm ET

Traditional collateralized loan obligation (CLO) funds in the U.S. market can offer...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Finding Success as Alternatives Converge

Oct 9 2017 | 4:00pm ET

Rising interest among institutional investors over the past several years has led...

 

From the current issue of