Phil Falcone’s assets under management are now below $5 billion, according to Reuters’ Matt Goldstein.The decline in the amount of money management by Falcone has been steady ever since he returned 119% to investors in 2007. At that point he was managing over $26 billion.
But by January 2008, Harbinger Capital was down to $7 billion.
One thing that might have something to do with it: well over 50% or $2.9 billion of Harbinger Capital’s assets are invested in LightSquared, Falcone’s broadband wireless venture. That’s well over 50%.
Falcone has been working on the project for a while and it has garnered some support from the White House recently (although that’s been challenged by politicians requesting an investigation), however it’s new and unchartered territory for Falcone, which might make investors nervous.
Meanwhile in hedge fund land… some macro funds are killing it.