Monday, 25 May 2015
Last updated 3 days ago
Mar 10 2011 | 12:59pm ET
Fortress Investment Group has launched its Asia-focused macro hedge fund, helmed by its global macro co-chief investment officer.
The new fund debuted on scheduled this month, Bloomberg News reports, seeded by the firm and a handful of investors. But Fortress has big plans for the Asia Macro Fund, the first based out of its new Singapore office.
Fortress hopes to raise as much as $500 million for the fund, which is run by Adam Levinson. Levinson recently relocated from New York to the city-state to set up the new office, which already accounts for a big chunk of the firm's macro trading.
"Asia is at the top of our list of priorities and high on every investor's list," Fortress CEO Daniel Mudd told Bloomberg. "The Asia region has long been a key focus of our liquid markets business. We are already trading about 40% of our Fortress Macro Fund out of Singapore, and have begun to ramp up additional Asia-specific strategies."
Fortress, which manages about $45 billion, expects to begin seeing major inflows into the new Levinson-led fund next month as investors make new allocations.
The new fund, which has been in the works since at least October, when Levinson's move to Singapore was announced, seeks to profit from fundamental trends linked thematically to Asia.
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…