Fortress Investment Group, the $27 billion dollar hedge fund originally founded as a Private Equity firm by Wesley R. Edens in 1998, announced plans to acquire or purchase a range of financial firms, including other hedge funds.
Recently appointed CEO of Fortress Group, Daniel Mudd, has publicly stated Fortress' intent to acquire insurers, banks, traditional money managers and rival hedge funds.
Many alternative investment industry analysts have predicted declining numbers of hedge funds as well as decreased hedge fund assets under management due to the poor markets and returns, as well as a growing mistrust of fund managers. But if other large hedge funds begin to poach on smaller rivals, consolidation may be also be a significant driver of decreasing numbers of hedge funds.
Fortress Investment Group Founder, Wesley Edens, was one of a couple hedge fund managers named to Forbes Magazines' "Biggest Billionaire Losers of 2008"