TSL Express Daily News
The Secured Lender
SFNet's The 81st Annual Convention Issue
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December 11, 2023
Source: Businesswire
NEW YORK--(BUSINESS WIRE)--Fortress Investment Group LLC (“Fortress”) today announced the acquisition of a global multi-manager hedge fund offering from PineBridge Investments and the hiring of Jeff Runnfeldt as Chief Investment Officer of a new global multi- manager investment platform, the Fortress Multi-Manager Group (“Fortress MMG”).
Founded in 2021, the acquired global multi-manager hedge fund platform was previously owned by PineBridge Investments, through a strategic partnership with BMO Global Asset Management (“BMO GAM.)” As of the closing, this platform has been renamed Fortress Multi-Manager Group. Mr. Runnfeldt will join the Fortress MMG leadership team in October 2024 as Chief Investment Officer. Todd Rapp, who has led the platform since its inception, has been named CEO of Fortress MMG.
Mr. Runnfeldt has spent more than two decades in the multi-manager hedge fund industry, most recently as Global Head of Equities at Balyasny Asset Management. Previously, he was Head of Global Equities at Citadel. Mr. Runnfeldt began his career as a Bank Examiner at the Federal Reserve Bank of San Francisco. He holds a Bachelor of Science in finance from California State University, Bakersfield, and a Master of Science in finance from San Francisco State University.
Fortress co-CEOs Drew McKnight and Josh Pack said in a joint statement, “We are pleased to announce the acquisition of this multi-manager platform and to welcome Jeff, Todd and team to Fortress. We look forward to providing investors with the benefits of a liquid, diversified, and market neutral approach to multi-manager investing. As a solution provider for our LPs, we regularly evaluate opportunities to enhance our offerings in response to their needs; we are confident that Jeff’s addition to the strong team that Todd has built will create a world class, market neutral offering aligned with the evolving needs of our sophisticated, global client base.”
BMO Global Asset Management CEO, Bill Bamber said, “We are very supportive of this acquisition by Fortress and look forward to opportunities to further build on the partnership in collaboration with Fortress.”
In May 2023, Fortress and Mubadala Investment Company, through its wholly owned asset management subsidiary Mubadala Capital (“Mubadala Capital”), announced that they have entered into definitive agreements to acquire the equity of Fortress that is currently held by SoftBank Group Corp. (“SoftBank”). Following the close of the announced transaction, Fortress management will appoint a majority of the company’s Board of Directors and will retain full autonomy over business and investment operations.
About Fortress Investment Group
Fortress Investment Group LLC is a leading, highly diversified global investment manager. Founded in 1998, Fortress manages $44.7 billion of assets under management as of June 30, 2023 on behalf of over 1,900 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies.
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $973 billion as of January 31, 2021, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
About Mubadala Capital
Mubadala Capital is the asset management subsidiary of Mubadala Investment Company, a leading global sovereign investor headquartered in Abu Dhabi. In addition to managing its own balance sheet investments, Mubadala Capital manages c. $20 billion in aggregate across its own balance sheet investments and in third-party capital vehicles on behalf of institutional investors, including four private equity funds, three early-stage venture funds and two funds in Brazil focused on special situations.
Contacts
Gordon E. Runté
Managing Director
Fortress Investment Group LLC
(212) 798-6082
grunte@fortress.com
Founded in 2021, the acquired global multi-manager hedge fund platform was previously owned by PineBridge Investments, through a strategic partnership with BMO Global Asset Management (“BMO GAM.)” As of the closing, this platform has been renamed Fortress Multi-Manager Group. Mr. Runnfeldt will join the Fortress MMG leadership team in October 2024 as Chief Investment Officer. Todd Rapp, who has led the platform since its inception, has been named CEO of Fortress MMG.
Mr. Runnfeldt has spent more than two decades in the multi-manager hedge fund industry, most recently as Global Head of Equities at Balyasny Asset Management. Previously, he was Head of Global Equities at Citadel. Mr. Runnfeldt began his career as a Bank Examiner at the Federal Reserve Bank of San Francisco. He holds a Bachelor of Science in finance from California State University, Bakersfield, and a Master of Science in finance from San Francisco State University.
Fortress co-CEOs Drew McKnight and Josh Pack said in a joint statement, “We are pleased to announce the acquisition of this multi-manager platform and to welcome Jeff, Todd and team to Fortress. We look forward to providing investors with the benefits of a liquid, diversified, and market neutral approach to multi-manager investing. As a solution provider for our LPs, we regularly evaluate opportunities to enhance our offerings in response to their needs; we are confident that Jeff’s addition to the strong team that Todd has built will create a world class, market neutral offering aligned with the evolving needs of our sophisticated, global client base.”
BMO Global Asset Management CEO, Bill Bamber said, “We are very supportive of this acquisition by Fortress and look forward to opportunities to further build on the partnership in collaboration with Fortress.”
In May 2023, Fortress and Mubadala Investment Company, through its wholly owned asset management subsidiary Mubadala Capital (“Mubadala Capital”), announced that they have entered into definitive agreements to acquire the equity of Fortress that is currently held by SoftBank Group Corp. (“SoftBank”). Following the close of the announced transaction, Fortress management will appoint a majority of the company’s Board of Directors and will retain full autonomy over business and investment operations.
About Fortress Investment Group
Fortress Investment Group LLC is a leading, highly diversified global investment manager. Founded in 1998, Fortress manages $44.7 billion of assets under management as of June 30, 2023 on behalf of over 1,900 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies.
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $973 billion as of January 31, 2021, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
About Mubadala Capital
Mubadala Capital is the asset management subsidiary of Mubadala Investment Company, a leading global sovereign investor headquartered in Abu Dhabi. In addition to managing its own balance sheet investments, Mubadala Capital manages c. $20 billion in aggregate across its own balance sheet investments and in third-party capital vehicles on behalf of institutional investors, including four private equity funds, three early-stage venture funds and two funds in Brazil focused on special situations.
Contacts
Gordon E. Runté
Managing Director
Fortress Investment Group LLC
(212) 798-6082
grunte@fortress.com
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