Fortress Completes the Acquisition of Logan Circle Partners
Company Release - 4/19/2010 8:00 AM EDT
NEW YORK--(BUSINESS WIRE)-- Fortress Investment Group LLC (NYSE: FIG) announced today that it has completed the acquisition of Logan Circle Partners, L.P., a fixed income asset manager. This acquisition, which was announced in February 2010, expands Fortress's investment management business to include traditional strategies. With Logan Circle, Fortress has in excess of $40 billion of assets under management.
Daniel Mudd, Fortress's Chief Executive Officer, said, "We are pleased to complete the acquisition of Logan Circle, which will enable Fortress to better meet the evolving needs of our global investors through a broader range of credit investment opportunities. Logan Circle's team brings exceptional fixed income knowledge, skills and experience to Fortress, significantly adding to our already extensive capabilities. As we expand our investment offerings, as always our focus will remain squarely on meeting the needs of our investors."
Fortress is a leading global investment manager founded in 1998. Fortress offers alternative and traditional investment products. For more information regarding Fortress Investment Group LLC or to be added to our e-mail distribution list, please visit www.fortress.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. These forward-looking statements may cover, among other things, the future prospects of Fortress Investment Group and its asset management business. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated, including the following: (1) costs or difficulties relating to the integration of the Logan Circle and Fortress businesses may be greater than expected and may adversely affect our results of operations and financial condition; (2) the expected benefits of the transaction and entering into a new sector of the asset management business may take longer than anticipated to achieve and may not be achieved in their entirety or at all; (3) developments in market and economic conditions have in the past adversely affected, and may in the future adversely affect, the business and profitability of Fortress; (4) Fortress may not be able to compete successfully with other companies in the financial services industry; and (5) other factors identified under "Risk Factors" in Fortress's Annual Report on Form 10-K which is available on the Company's website (www.fortress.com). Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them in light of new information or future events.
Source: Fortress Investment Group LLCContact: Fortress Investment Group LLC Lilly H. Donohue, 212-798-6118