
Fortress Acquires Multi-Manager HF Platform from PineBridge
Fortress Investment Group LLC, a New York-based investment manager, has acquired a multi-manager hedge fund platform from PineBridge Investments.
The firm also hired Jeff Runnfeldt, a former executive at Balyasny Asset Management and Citadel, as CIO of the new business, the Fortress Multi-Manager Group. He will start in 2024.
Todd Rapp, who has led the platform since its inception, has been named CEO of Fortress MMG.
Founded in 2021, the multi-manager hedge fund was previously owned by PineBridge Investments through a strategic partnership with BMO Global Asset Manage.ment.
“We look forward to providing investors with the benefits of a liquid, diversified, and market neutral approach to multi-manager investing,” says Drew McKnight and Josh Pack, Fortress co-CEOs.
In May 2023, Fortress and Mubadala Investment Company, through its wholly owned asset management subsidiary Mubadala Capital, acquired the equity of Fortress that was currently held by SoftBank Group Corp.
Pictured: Fortress Investment Group NY headquarters
