Fortress Investment Group Profile
Fortress Investment Group is a New York based private equity and hedge fund founded in 1998 by Wesley Edensas an asset-based investment management firm. As of September 2006, Fortress managed $29.6 billion in hedge fund and private equity investments. Fortress also manages two publicly traded investment companies; Newcastle Investment Corporation and Eurocastle Investment Limited.
Fortress was co-founded by Wesley Edens, Robert Kauffman, of UBS and Randal A. Nardone, also of UBS. Fortress quickly expanded from private equity into hedge funds and real estate. In 2007 Fortress Investment Group went public, amid much scrutiny, under the stock symbol FIG, following the lead of The Blackstone Group. The stock traded above $30 in April of 2007, shortly after their IPO. As of November 11, 2008 FIG shares were trading at $3.20 indicating a market capitalization for Fortress Group of only $1.3 billion.
Some of Fortress Group’s hedge funds include:
The Drawbridge Global Macro Funds which apply macroeconomic fundamental, market momentum and technical analyses to identify profitable strategies.
The Drawbridge Special Opportunities Funds are designed to purchase investments in the United States, Western Europe and the Pacific focusing on asset-backed products.
The Fortress Partners Funds are designed to replicate university endowments.
Key Fortress People:
Wesley R. Edens: Chief Executive Officer and Chairman of the Board of Directors
Peter L. Briger, Jr.: President and Director
Robert I. Kauffman: President – Europe and Director
Randal A. Nardone: Chief Operating Officer and Director
Michael E. Novogratz: President and
Fredric B. Garonzik: Director
Daniel N. Bass: Chief Financial Officer
Michele I. Cohen: Managing Director, Human Resources
Fortress Investment Group AUM (2008): $35 billion
Fortress Investment Group Employees: 700
Fortress Invest Group Address:
Fortress Investment Group
Fortress Capital Finance III (A) LLC
1345 Avenue of the Americas, 46th Floor
New York, NY 10105 USA
212 798 6100