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.

The potential deal is a big one. Assuming Harbinger's possible bid is made at a premium, an offer of at least £2.5 billion is likely to emerge once the regulatory dust settles.

It is another example of how hedge funds are adapting their investment strategies to take advantage of changing market opportunities and the weakness of some of their rivals.

Hedge funds have huge sums to deploy but are finding many of their traditional strategies more difficult. Meanwhile, many private equity funds have pulled in their horns as they adjust to much more difficult credit markets.

Mr Falcone is not the only hedge fund manager who thinks he has spotted an opportunity in satellite and related investments.

Other funds, including Lansdowne Partners, are attracted to the potential for a satellite-based mobile phone network in America, as well as the arrival of mobile phones on airliners and at sea.

The growth in potential demand is obvious and supply is limited by the high cost of launching satellites and the scarcity of spectrum.

Might Harbinger adopt a similar strategy with other companies where it has a stake? It was no coincidence that shares in Tate & Lyle, the London sugar-maker where Harbinger has a 19 per cent stake, rallied strongly yesterday in the wake of the Inmarsat approach.

It could act as a matchmaker here, too, using its 6 per cent stake in Corn Products, a similar company in the United States.

But don't hold your breath. Contrary to the image of hedge funds, Harbinger is prepared to play a long game. In the Inmarsat case, any bid would need US regulatory clearance, which could take up to 18 months.

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