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Check out the latest news and insight from the ever-evolving world of institutional investing and hedge funds from around the globe.

Jing Chen has been eVestment’s hedge fund industry news reporter since 2011. To submit industry-related press releases or request feature ideas please contact her at editor@evestment.com

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Phil Falcone Sells Shares of Harbinger Group

Sep 30, 2013
Jing Chen

Harbinger Capital Partners has sold $158 million of Harbinger Group’s shares to Leucadia National Corp. as the hedge fund firm meets redemption requests after reaching a settlement with U.S. regulators.

Bloomberg reported that the transaction makes Leucadia the second largest shareholder in Harbinger Group, the publicly traded holding company run by hedge fund manager Phil Falcone, with a stake of about 13%.

Harbinger also sold an additional 5.1 million shares to other undisclosed investors.

Falcone and Harbinger Capital agreed in August to meet investor redemptions as part of an $18 million settlement with the Securities and Exchange Commission after Falcone was accused of taking out a $113.2 million loan from Harbinger for personal use, giving preferential treatment to certain investors, and manipulating the market price of certain bonds and stocks.

Harbinger Group runs various types of businesses, including life insurance and pet supplies.

 

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