Thursday, 28 July 2016
Last updated 19 min ago
Oct 5 2006 | 12:03pm ET
Embattled hedge fund Amaranth Advisors has retained Fortress Investment Group as a sub-advisor to the Amaranth multi-strategy funds. According to the firm, which lost an estimated $6 billion in bad natural gas trades, Fortress will assist the Amaranth team in selling off the funds’ investment assets in order to generate liquidity for investors.
Amaranth announced last Friday that its multi-strategy funds had suspended redemptions to allow for the sale of the firm’s investment assets.
Nick Maounis, Amaranth's chief executive officer, said in a statement that Amaranth will pay the fees associated with retaining the New York-based Fortress.