Fortress Investment Group has made changes in management responsibilities, to support the firm’s growth and improve investment results for fund investors and public shareholders. Daniel Mudd, currently a member of the Fortress board of directors, will become the firm’s CEO, effective August 11, 2009. Most recently, Mr. Mudd served as president and CEO of Fannie Mae. As CEO, he will be responsible for Fortress’ global growth strategy, continuing to develop policies and infrastructure, and developing and retaining the firm’s talent.
Peter Briger and Wesley Edens will become co-chairmen of the Fortress board of directors. Each of the Fortress principals will continue to lead their respective investment businesses and serve on the board of directors.
Mr. Edens said: These are truly unprecedented investment markets that play directly into Fortress’s strengths and expertise. We are energized by the investment opportunities we see emerging over the next several years. However, we recognize that these dynamic markets require the firm’s principals to be single-mindedly focused on investments, both existing and new opportunities that will create value for our investors. The expansion of the team with a CEO of Dan’s caliber and skill set really rounds out the partnership.
Mr. Mudd said: I have known the principals for a long time, have worked with them as a partner and a Board member, and I have great respect for what they have done to build Fortress thus far. I look forward to helping the team manage and grow this institution.
New York-based Fortress is a global alternative asset manager with approximately $26.5 billion in assets under management as of March 31, 2009. Fortress manages private equity funds and hedge funds.
