Fortress Approved to Manage D.B. Zwirn & Co. Funds
Company Release - 6/1/2009 11:15 AM EDT
NEW YORK, June 1 /PRNewswire-FirstCall/ -- Fortress Investment Group LLC (NYSE: FIG) today announced that the Company has replaced D.B. Zwirn & Co., L.P. as the manager of D.B. Zwirn's funds and accounts. These funds will be renamed the Fortress Value Recovery Funds I. The transaction, which is estimated to add approximately $2 billion of assets under management to Fortress, was approved by D.B. Zwirn investors and closed today.
Certain members of D.B. Zwirn's management team and approximately 100 of its professionals have joined Fortress or will be providing services to the Company.
Fortress is a leading 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. Fortress was founded in 1998. For more information regarding Fortress Investment Group LLC or to be added to our e-mail distribution list, please visit www.fortress.com.
SOURCE Fortress Investment Group LLCContact: Lilly H. Donohue, +1-212-798-6118, for Fortress Investment Group LLC