Fortress Investment Group is a top investment manager headquartered in New York, leading in the investment market globally. It was established by its three founders; Wesley R. Edens, Randal Nardone and Rob Kauffman back in 1998. It began as a private equity firm, but over the years, Fortress has experienced rapid growth in both its clientele and assets under management and hence developing into an alternative asset manager. Fortress made its initial public offer on February 9, 2007, an event that made history since it was the first company of its big magnitude and type to ever go public. What followed was the firm receiving numerous accolades for its magnificent performance. For instance, in 2012, Fortress Investment Group was named by an institutional investor as their “Discretionary Macro-Focused Hedge Fund of the Year.” In 2014, HFMWeek, an industry publication, said that Fortress was indisputably their “Hedge Fund of the Year.” In the same year, 2014, another institutional investor named Fortress s their “Management Firm of the Year.” This is with no doubt a clear indicator of the firm’s position regarding service delivery.
What makes Fortress unique from other investment managers is the fact that the firm is guided by five core competencies which act as their strong pillars. These are; effective operations management, capital markets, extensive industry knowledge, asset-based competencies and also corporate mergers and acquisitions.For instance, in the middle of the year 2017, SoftBank Group Corporation announced that it had completed the acquisition of Fortress Investment Group LLC for cash amounting to $3.3 billion. This transaction was completed after all receipt of regulatory approvals from the relevant authorities and also approval from the shareholders of Fortress Group. Following the close of the acquisition, the ownership of all the outstanding Fortress shares was transferred to SoftBank Group and its fully-owned subsidiaries. Also as a result of the acquisition, Fortress common stock stopped trading with immediate effect and subsequently delisted from the New York Stock Exchange. Following this too, each outstanding Fortress share of class A was converted into a right to receive $8.08 per share in cash.
About Fortress Group
Fortress Investment Group is a chief investment management firm operating internationally. It had a total of $43.6 billion of assets under management by the close of the year 2017. The firm operates in alternative asset business, with the main types of assets they hold being private equity, hedge funds, credit funds, liquid markets and traditional asset strategies. Fortress invests and manages assets on behalf of more than 1,800 private and institutional clients globally.