Fortress Appointed to Pension Protection Fundâs Global Tactical Asset Allocation Panel
Company Release - 11/12/2013 1:30 PM EST
NEW YORK--(BUSINESS WIRE)-- Fortress Investment Group LLC (NYSE: FIG) has been appointed to the Global Tactical Asset Allocation (GTAA) Panel of the United Kingdom’s Pension Protection Fund (PPF) as part of a broadened effort by the PPF to manage its growing £15 billion portfolio.
As a public corporation, the PPF protects millions of people throughout the UK by compensating pensioners if their defined pension benefit plans cannot meet their obligations. Tens of thousands of people now receive compensation from the PPF, and hundreds of thousands are expected to do so in the coming years.
The PPF looks to GTAA investment managers to help provide a flexible approach to the PPF’s overall portfolio and align it with the PPF’s overall low-risk investment philosophy. Fortress was one of nine new fund managers appointed to the GTAA Panel, which now has 15 members.
“We are honored to receive this mandate and look forward to supporting the PPF’s vital mission of ensuring that all UK pensioners receive the benefits they earned over time,” said Stuart Bohart, President of Fortress Liquid Markets. “We believe our global macro investing platform is well suited to help the PPF meet its objectives.”
Fortress Investment Group LLC is a leading, highly diversified global investment firm with approximately $58 billion in assets under management as of September 30, 2013. Founded in 1998, Fortress manages assets on behalf of over 1,500 institutional clients and private investors worldwide across a range of private equity, credit, liquid hedge funds and traditional asset management strategies. Fortress is publicly traded on the New York Stock Exchange (NYSE: FIG). For additional information, please visit www.fortress.com.
Fortress Investment Group LLC
Gordon E. Runté, 212-798-6082
Source: Fortress Investment Group LLC