Fortress Announces Opening of Singapore Office
Company Release - 10/3/2010 9:04 PM EDT
Liquid Markets Co-CIO, Adam Levinson, to Lead Asia Macro Strategies from Singapore
NEW YORK--(BUSINESS WIRE)-- Fortress Investment Group LLC (NYSE: FIG) today announced the establishment of a key hub of the firm’s investment and business development activities in Asia. Adam Levinson, Co-CIO of the firm’s flagship global macro funds, will lead Fortress’s Asia-specific macro trading activities from a new office in Singapore starting in early 2011. The location will add to Fortress’s global presence, with international offices currently in London, Tokyo, Frankfurt, Rome and Sydney.
Mr. Levinson joined Fortress in 2002 and serves on the firm’s Operating and Management Committees. Prior to joining Fortress, he was a fund manager at Tudor Investment Corporation and a proprietary trader for ten years at Goldman, Sachs & Co. During his tenure at Goldman, Sachs, Mr. Levinson spent nine years in the company’s Hong Kong, Tokyo and London offices managing portfolios focused on G-10 and emerging market risk.
“The opening of our Singapore office underscores our long-term commitment to the Asia markets and our pursuit of disciplined strategic growth in the region,” said Daniel Mudd, Chief Executive Officer of the Fortress Investment Group. “Fortress’s senior leadership team has extensive on-the-ground experience in Asia, which positions us well to capitalize on the compelling investment and business development opportunities we see in the region. We are confident that extending our macro platform with a Singapore office led by an executive of Adam’s stature and experience will bring significant benefits to existing and future investors.”
“The Asia region has long been a major focus of our liquid markets business, and we believe the region will continue to present attractive opportunities for us to leverage our global macro capabilities on our investors’ behalf,” said Levinson. “Having a regionally-focused, globally-integrated trading platform in Singapore, able to extract primary information from the market in real time, will significantly enhance our ability to capitalize on those opportunities.”
In conjunction with the opening of Fortress’s Singapore office, the firm will be holding the 2010 Fortress-Nomura Conference, “Navigating the Great Liquidation: Investment Opportunities in Asia,” on October 7th in Singapore.
Fortress is a leading global investment manager with approximately $41.7 billion in assets under management as of June 30, 2010. Fortress offers alternative and traditional investment products and 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.
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) the expected benefits of opening a new office may take longer than anticipated to achieve and may not be achieved in their entirety or at all; (2) 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; and (3) other factors identified under "Risk Factors" in Fortress’s Annual Report on Form 10-K and Quarterly Report on Form 10-Q, each of 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, +1 212-798-6118
Gordon E. Runté, +1 212-798-6082