Saturday, 22 October 2016
Last updated 16 hours ago
Feb 17 2010 | 2:11am ET
Alternative investments giant Fortress Investment Group is getting even bigger. The New York-based firm is acquiring a Philadelphia fixed-income asset manager as it seeks to expand into the traditional money management business.
Fortress will buy Logan Circle Partners, which manages $12 billion in bond funds, for about $21 million in cash. The deal will boost Fortress’ assets under management, which currently stand at $32 billion, by more than one-third.
Current Logan Circle owners Guggenheim Partners will receive an additional payment dependent on the firm’s growth and performance at the end of next year.
Logan Circle is headed by Jude Driscoll, formerly CEO of Delaware Investments, who founded the firm in 2007. Driscoll and the rest of Logan Circle’s leadership team have agreed to remain with the firm; Driscoll will report to Fortress CEO Daniel Mudd when the deal closes.