Phil Falcone’s Harbinger Capital Partners Loses Investor Confidence, Faces Heavy Withdrawals

June 14th, 2011
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Investment firm Harbinger Capital Partners LLC saw its assets shrink nearly 30 percent in 2010 and faces additional redemptions of up to $1 billion. Bloomberg News reports that Harbinger Capital Partners LLC had $6 billion under management at the start of 2010 but losses and client withdrawals reduced its asset base to $4.25 billion by year end.

Harbinger Capital Partners LLC is headed by Philip Falcone. In 2005, Falcone invested in satellite company SkyTerra Communications Inc., which later morphed into LightSquared Inc. 62 percent of Harbinger Capital Partner’s holdings are in LightSquared shares. As a result, investors that withdrew funds from Harbinger Capital Partners LLC were required to take more than half of their payment in LightSquared stock.
For Detailed Investor Profiles on these Investors, click below:
HRG Group (Harbinger Capital Partners)
Related People: Omar Asali (CEO); Peter Jenson (COO); Philip Falcone*
Related Entities: Harbert Management Corporation*; Harbinger Capital Credit Distressed BlueLine Fund; Harbinger Capital Partners Master Fund; Harbinger Capital Partners Special Situations Fund LP; HRG Capital
Related Article Tags: Investment Management, Fund Manager and General Financial News

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