Fortress Trader Gets $300 Million Stock Grant

Aug 11 2008 | 11:57am ET

The departure of star trader Greg Coffey may cost GLG Partners as much as $4 billion in investor redemptions. Holding on to its star trader will cost Fortress Investment Group $300 million.

The hedge fund and private equity giant has given a $300 million share grant to Adam Levinson, who co-manages that firm’s $8.8 billion flagship global macro fund, The Wall Street Journal reports. The 31 million shares will vest over time, ensuring that he remains with the firm if he wants the full package.

With the grant, Levinson joins five other controlling shareholders of Fortress, who own 77% of the business. The grant increases the number of shares in Fortress—which went public 18 months ago and has seen its stock price fall by two-thirds—by 7%. In exchange for the shares, Levinson’s profit-sharing interest in some Fortress funds will be cut, according to a filing with the Securities and Exchange Commission.

Levinson has been with Fortress since 2002, when he joined from Goldman Sachs.

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...