Hedge funds with high ambition

Times Online- Philip Falcone is used to demanding change from underperforming company executives, but yesterday he took Harbinger Capital, his activist hedge fund, into new territory.

Complete with financial advisers and a big stake, Harbinger broke cover as a traditional prospective buyer of strategic assets, with a tentative approach to Inmarsat, the London-listed satellite operator.

Harbinger has a 29.9 per cent holding in Inmarsat, as well as stakes in several other satellite companies, including America’s SkyTerra and Terrestar.

Mr Falcone, a former Barclays Capital trader, appears to be intent on acting as an industry consolidator, a role more commonly played by trade buyers or private equity funds.

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