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January 24, 2014
09:06 EDTFIGFortress launches affiliated manager platform, sees FAMF to become autonomous
Fortress announced that it is launching an affiliated manager platform as part of the firm's growth strategy in the liquid alternative investment space. The platform will allow Fortress to take an economic interest in high potential start-up and established funds, and to provide a fee-for-services model for funds seeking to leverage Fortressís technology, infrastructure and client relationships. The first fund to join the new platform will be the firmís own Singapore-based Fortress Asia Macro Fund, or FAMF, managed by CIO Adam Levinson. Levinson is expected to join Fortressís Board of Directors and will continue to invest for Fortress-managed funds as well as serving as CIO for FAMF. Over the course of 2014, Mr. Levinson will transition FAMF, staffed with the current FAMF team, into an autonomous asset management business Ė to be called Graticule Asset Management Asia Ė with Fortress as a non-control partner and provider of FAMFís infrastructure services. It is also anticipated that FAMF will change its name to Graticule Asia Macro Fund. Fortress will retain a perpetual minority interest in Graticule Asset Management Asia, including economics generated by FAMF and other funds introduced in the future. This economic interest will amount to 42.5% of earnings during the businessís first year as an affiliated manager and will decline to approximately 27% over time. Fortress expects to generate additional fees for technology, back office and other services provided to the fund. FAMF had assets under management of $1.8B as of September 30, 2013, having reached its 2013 AUM cap during the third quarter.
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February 5, 2016
06:03 EDTFIGFortress commences tender offer to repurchase up to $100M of Class A shares
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