Fortress Investment Group LLC

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Fortress Investment Group LLC
Founded 2006
Headquarters New York, NY
Key People Peter L. Briger, Jr., Co-Chairman & Principal; Wesley R. Edens, Co-Founder, Co-Chairman & Principal
Employees 969
Products Global investment management
LinkedIn Profile
Website Fortress Homepage
Releases Company News

Fortress Investment Group LLC is a global investment management firm headquartered in New York. As of Sept. 30, 2011, Fortress had approximately $43.6 billion in assets under management.

On Dec. 21, 2011, CEO Daniel H. Mudd announced that he would be taking a leave of absence due to his involvement in a U.S. Securities and Exchange Commission (SEC) suit against Fannie Mae. Mudd is the former CEO of Fannie Mae and was temporarily replaced by Fortress co-founder Randal A. Nardone.[1]

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Cryptocurrency

In February 2020, Fortress sent letters to creditors of the defunct cryptocurrency exchange Mt. Gox, offering to buy their credit claims at a rate of $1,300 per bitcoin owed - 88 percent of its estimated value, according to the letter. Fortress made similar offers in December 2019, offering to buy the claims at $755 per bitcoin. Michael Hourigan, a managing director at Fortress, said in the letter that the firm was making the offer "due to the likely timeline (3 to 5 years) and financial risk of the ongoing litigations" related to getting the bitcoin from Mt. Gox. At this point, the price of bitcoin had rallied about 40 percent since the beginning of the year, surpassing $10,000 around the time the letters were sent out.[2]

Key People

  • Peter L. Briger, Jr. - Co-Chairman & Principal
  • Wesley R. Edens - Co-Founder, Co-Chairman & Principal

References