Friday, 27 March 2015
Last updated 53 min 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.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…