Fortress To Buy Bond Shop Logan Circle

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.


In Depth

bfinance: Fees Falling Across Asset Classes, Yet Overall Investor Costs Still Climbing

May 16 2017 | 9:53pm ET

Despite unprecedented attention on fees, new research from investment consultancy...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Risk-Based Compliance: Why Oversight Of Outsourcing Is Critical

May 10 2017 | 7:02pm ET

Compliance is notoriously one of the trickiest middle office functions for funds...

 

From the current issue of