Fortress Takes Over Zwirn’s Hedge Fund Assets
| April 29th, 2009 | ||
| Bloomberg reports that Fortress Investment Group (FIG) has been chosen by the board and top investors of D.B. Zwirn & Co. to liquidate the Zwirn’s $2.5 billion in assets. The remaining employees will also join Fortress. Zwirn & Co. was forced to close the firm after delay in its flagship fund’s 2006 financial audit caused heavy investor redemption requests. D.B. Zwirn & Co. was founded in 2001 by Daniel Zwirn as a subsidiary of Highbridge Capital Management and was spun-off as an independent entity in 2004. At its peak, the firm’s special situations focused funds had assets under management of $5.5 billion. FIG is a global alternative investment and asset management firm founded in 1998 by BlackRock veterans Wesley Edens, Robert Kauffman and Randal Nardone. The firm manages private equity funds, hedge funds, and publicly traded alternative investment vehicles. Like Zwirn, FIG has also been facing investor withdrawals and investment losses. The publicly-traded investment firm has seen its market value plummet from over $2.5 billion at the time of its IPO in February 2007 to just over $260 million today. | ||
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For Detailed Investor Profiles on these Investors, click below: |
Highbridge Capital Management |
Fortress Investment Group |
BlackRock |
Related People: Daniel Mudd;
Related Entities: Barclays Global Investors;
Related Article Tags: Multi-Strategy, Long Short, Equity, Debt and Global Macro Hedge Fund News
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