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’[GAIM conference 2010] The mirror crack’d
One of the more interesting things to watch at the GAIM hedge fund conference in Monaco this year – more for light, than heat, truth be told – was Mike Novogratz, one of the founders of the giant Fortress Group,
Fortress plans buying spree
Daniel Mudd, appointed this week chief executive of Fortress Investment Group, plans to spearhead an acquisition strategy that could see the hedge fund buy other financial companies including banks, money management groups and other hedge funds.
Mudd to replace Edens at Fortress
Investment group Fortress is expected to approve the appointment of Daniel Mudd, the former chief executive of Fannie Mae, as chief executive. Mr Mudd will replace Wes Edens as the company, with $27bn under management,
Fortress narrows quarterly loss
Fortress Investment Group, the publicly traded US hedge fund and private equity house, on Wednesday reported a narrower Q1 loss as it continued to feel the impact of client redemptions and lower revenues from fees.
Losses swell at Fortress
Losses swelled in the fourth quarter at Fortress Investment Group, the first private equity and hedge fund firm to list just over two years ago, on writedowns in its private equity funds. The group lost a bigger-than-expected $140m last quarter,
That’s nice Timmy, but we’ve got a few suggestions…
Apparently, the Goldmanati are concerned.
For starters, the new Treasury Secretary, Timothy Geithner, never worked at The Firm. For a second, he’s not exactly got the confidence of the markets at the moment.
Alternative folly
The very suggestion that an entity like Fortress Investments, preaching the benefits of private ownership, was suitable for listing on the public markets always struck us as clownish idea.
The stock floated two years ago and promptly popped to a 68 per cent premium above the $18.50 IPO price,
Redemption central: The Tokyo Hedge-Fund Club parties on….
The casualties are mounting in the hedge fund industry where, with liquidations and redemption suspensions becoming the norm, an increasing number of investors feel they’re being slow-roasted on a financial spit fire.
Fortress, DE Shaw, Farallon suspend redemptions
Fortress Investment Group, the listed private equity and hedge fund group, has suspended redemptions at its flagship Drawbridge Global Macro Fund after investors sought to withdraw more than $3.5bn in funds,
Fortress fights to save investments
Fortress Investment Group, a listed alternative investor with $40bn under management, is taking action aimed at keeping two of the companies it owns afloat. Fortress’s difficulties will be closely followed in the financial world because they herald similar problems for other private equity firms and hedge funds.
Fortress suffers $55m loss
Fortress Investment Group, the first major alternative fund group to go public, on Thursday announced a $55m Q2 loss. The results appeared to confirm investors’ fears that a public listing can lead firms to concentrate on increasing their assets under management instead of focusing on the performance of their funds.
Fortress goes to Hollywood, with $300m
Wall Street has shunned Hollywood film financing since the onset of the credit crunch but Fortress Investment, one of the largest publicly traded alternative investment funds, is bucking the trend to the tune of $300m.
Penn National’s $6.1bn buyout abandoned
The $6.1bn private equity takeover of Penn National Gaming – one of the last remaining buy-out deals negotiated before the credit crisis – had been aborted, the company said Thursday, because of market
Deals pulled off the table for M&B and Mapeley
Any M&A bankers out there who thought the takeover bandwagon might be rolling once more? Go back to bed.
Friday saw two notable deals collapse.
First, Punch Taverns rubbed some salt into the gaping wounds at Mitchells & Butlers,
Fortress bids for Mapeley
The long-awaited consolidation of the UK’s listed property sector began Tuesday after Mapeley, the outsourcing group, received a takeover approach worth about £250m from its majority shareholder, Fortress.
An inglorious anniversary for Fortress
Credit-crippled was how we on Monday described private equity. And here’s one that’s limping.
NakedShorts notes that the weekend saw the first anniversary of the float of Fortress, the private equity and hedge fund group.
Bear and Fortress discussed tie-up
Bear Stearns held preliminary talks with Fortress Investments, a listed alternative asset management firm, regarding a possible combination in the weeks before Jimmy Cayne stepped down as chief executive of the investment bank,
Fortress unit moves to cut subprime links
A subprime mortgage unit of Fortress Investment Group, the $43bn hedge fund and private equity group, is to stop buying loans originated by brokers as it scales back operations. The move by Nationstar Mortgage,
…While Fortress slides on $55m loss
Fortress Investment Group Tuesday reported a 70 per cent jump in assets under management for the second quarter, but high compensation costs caused the US private equity and hedge fund group to post a $55m net loss.
Relative values: private equity vs hedge funds
Hedge funds and private equity have one big thing in common, says Lex. Both charge whopping fees — typically 2 per cent of assets under management and 20 per cent of investment profits. Otherwise, the differences are huge.
Blackstone’s taxing times…
Blackstone is clearly worth less today than it was a week ago, notes Lex. A proposed bill in the US Senate could kill the private equity group’s planned structure that would have seen it pay about 15 per cent corporation tax as a public company rather than 35 per cent.
Fortress, the traditional asset manager…
It’s natural perhaps, if you’re in the business of alternative investment, with your own alternative stock rating, alternative capital structure, and alternative pay-grade — that you have the urge to come up with alternative names for very un-alternative things,
Warner Music tries to buy EMI, again
Warner Music is to make its latest attempt to buy EMI, joining three financial bidders in the £3bn battle for the UK music group. The US music company, led by Edgar Bronfman Jr, has begun due diligence after gaining access to EMI’s books.
UK buy-out firm leads $5bn chase for Merck arm
Greater Pacific Capital, a London-based private equity group set up by former Goldman Sachs bankers, has emerged as a surprise front-runner in the $5bn race for the generic drugs arm of Merck, of Germany,
Questions over KKR’s fees for Alea
The tussle between hedge funds and private equity over the future of Alea, the London-listed reinsurer, is intensifying with questions raised about payments to KKR, and the independence of Alea’s directors.
Minority investors pressure Fortress
Minority shareholders are threatening to derail Fortress’s £162m purchase of Alea, the London-listed Bermuda-based reinsurer, in an attempt to squeeze more cash out of the US hedge fund and private equity group.
How to make a pre-float windfall
Managers at private equity houses and hedge funds have discovered they can receive windfalls before their companies float and so hedge against potential losses post-IPO, reports the Wall Street Journal.
Fidelity bets on Fortress
The Fortress IPO has generated some eye-popping stats – the first US hedge fund and private equity group to come to the market saw its shares surge 68 per cent when they started trading in February, points out Dealbook,
Goldman – cheap at twice the price?
What is the answer to the Goldman Sachs conundrum? The world’s most illustrious investment bank has recently been made to look, well, cheap by those upstart alternative investment managers.
With the likes of Fortress going public,
The Schwarzman route to yet more wealth
Stephen Schwarzman, founder of Blackstone Group, often finds himself in interesting positions. But here’s a particularly intriguing (and personal) one, identified by Breaking Views, (via Dealbook).
Such is Mr Schwarzman’s stake in his buyout business (40 per cent,