John Harbert once said, “The Harbert story is one of continuous beginnings, an ever-expanding middle, and so far, no end. That said, it’s worth noting that we have been precariously near the end more than once.” Harbert Management Corporation’s beginning came in 1993 — when 34-year-old Raymond founded the firm with a $3 million loan from his father. At the time, it was pointed out to him (on numerous occasions) that an undertaking of this kind had never been attempted in the state of Alabama — and that neither he nor any member of his original team had ever managed (or even worked for) an investment management firm. With U.S. offices from New York and Atlanta to Dallas and San Francisco — as well as London, Madrid and Paris — Harbert Management Corporation (HMC) today manages money in eight distinct strategies. “We’re confident in our belief,” says Harbert, “that our clients are investing in a firm with considerable financial sophistication and global reach.” Even as he seeks outside investment, Harbert remains committed to The Merchant Banking model — in which the firm is driven by making savvy investments, rather than client fees. To keep the firm’s interests aligned with those of its investors, he and his partners always have skin in the game. “Together, we own approximately 11% of the assets under manage- ment across the firm.” FIRM FOUNDATIONS “HMC,” Harbert notes, “was built on four core principles about how to invest in a proper and disciplined fashion. Principles we maintain to this day.” OUR STORY An unlikely idea brought to life. During our first quarter-century, the current HMC annual 14.4% return, compared with 9.5% for the 6