Stuart Bohart to Join Fortress Investment Group as President of Liquid Markets
Company Release - 8/4/2010 4:30 PM EDT
NEW YORK--(BUSINESS WIRE)-- Fortress Investment Group LLC (NYSE: FIG) today announced that Stuart Bohart will join the firm as President of Liquid Markets and Senior Managing Director—Strategy of Fortress Investment Group. Mr. Bohart will become a member of Fortress’s operating and management committees, and will have responsibility for all non-investment activities of the firm’s Liquid Markets business.
“Stu brings a unique depth of experience to our organization, having built and managed one of the industry’s largest alternatives platforms, and his addition to our leadership team will allow us to achieve two important objectives,” said Fortress Chief Executive Officer, Daniel Mudd. “First, as President of Liquid Markets, Stu will immediately take on management responsibility for running the business, which will allow Michael Novogratz and Adam Levinson, Co-CIOs of our Macro funds, and Bill Callanan, CIO of our Commodities Funds, to focus exclusively on investments. This has been a key corporate objective. Second, Stu will play a key role identifying and executing on strategic opportunities to build our business. I am confident that Stu’s contributions will help drive continued, meaningful progress at Fortress.”
“We are very pleased that Stu will be joining the leadership team of our Liquid Markets business,” said Novogratz. “We believe that there are significant opportunities to expand the investment themes and product offerings of our business and, more broadly, to execute a plan for long-term, measured strategic growth. Stu will lead our efforts on that front, while also taking on responsibility for all non-investment activities in the business, which includes ensuring that we maintain a best in class approach to servicing our investors. We are excited that Stu will be joining our team, and are confident that his contributions will benefit our investors and the achievement of our long-term strategic objectives.”
Since 1997, Mr. Bohart held positions of increasing responsibility at Morgan Stanley, most recently as Co-Head of Morgan Stanley Investment Management (“MSIM”), a $400 billion AUM asset management complex spanning hedge funds, private equity, real estate, infrastructure, public equity, fixed income, cash management and Fund of Funds. In this role, Mr. Bohart had direct management responsibility for hedge funds, asset allocation, long-only equity and fixed income and Fund of Funds, and served as Chief Investment Officer of Equities and Chair of the MSIM Risk Committee. Previously at Morgan Stanley, Mr. Bohart served as Head of Alternatives for MSIM, with responsibilities for hedge fund activity, including the management of FrontPoint Partners and stakes in Avenue Capital, Traxis Partners and Lansdowne Partners. He also served for two years as Global Head of Morgan Stanley Prime Brokerage, a leading prime brokerage business serving hedge funds and traditional investment managers. He joined Morgan Stanley in 1997 as a portfolio manager in Morgan Stanley Asset Management, and later served as portfolio manager for a long/short equity fund at FrontPoint Partners, a wholly-owned subsidiary of Morgan Stanley.
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.
Source: Fortress Investment Group LLCContact:
Fortress Investment Group LLC
Lilly H. Donohue, 212-798-6118
Gordon E. Runté, 212-798-6082