Managing less than half the money it had just last year, Harbinger Capital Management is working hard to rebuild.
The New York-based activist hedge fund manager has raised several hundred million dollars this year and has snagged several big-name hires, the New York Post reports. It’s also launched two new funds and has recouped the losses of its flagship Harbinger Capital Partners fund, which lost 27% last year.
Harbinger has hired executives from Citadel Investment Group, Duff Capital Advisors and Goldman Sachs (GS) in recent months. Citadel’s Peter Jenson has joined the hedge fund as chief operating officer, while Goldman’s Omar Asali was named director of investments. It’s also got a new lawyer, with Duff Capital’ Robin Roger joining as chief counsel.
But possibly even more important than the new talent is Harbinger’s performance. The firm’s flagship is up 41% this year. It’s new funds, a distressed credit vehicle and a private equity fund, are doing even better. The Credit Distressed Blue Line Fund, which launched in April, is up almost 55% and has attracted $500 million. The p.e. fund, Breakaway, has raised $250 million and has returned 56%.
