Sunday, 1 February 2015
Last updated 2 days ago
Mar 25 2010 | 1:32pm ET
Two executives of Fortress Investment Group’s troubled flagship hedge funds have left the New York-based alternative investments giant.
Both the chief operating officer and chief financial officer of the Drawbridge Global Macro Fund are out, Bloomberg News reports. The Drawbridge funds were battered by outflows last year, falling to just $1.43 billion, down 77% from the end of 2008.
Scott Lawin, who had been COO of the Drawbridge funds, left the firm in January for Moore Capital Management, where he is also the COO. Lawin worked for five years at Fortress.
The funds’ CFO, Kevin Treacy, departed two weeks ago. It is unclear what Treacy’s plans are, but Fortress quickly replaced him with Patrick Dennis, a veteran of hedge funds Raptor Capital Management and Eton Park Capital Management.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…