Facelift for Fortress

20 July 2009 By Richard Beales Follow @richardbeales1

CEO duties at alternative investment firms were light while the boom lasted. No longer. Fortress founder Wes Edens is following peers such as Guy Hands at UKbased Terra Firma in handing over the top spot to focus on investing. The move, while overdue and imperfect, makes sense.

This content is for Subscribers only

To access full Breakingviews.com content you must be a subscriber. Please use the following link to request a trial.

Context News

Fortress Investment Group said on July 19 that Dan Mudd, a director of the publicly listed investment firm and a former chief executive of Fannie Mae, would become CEO of Fortress next month.

Founder and current CEO Wes Edens will become one of two cochairmen of the firm. With Mudd taking over the firm's daytoday operations, Edens will focus more on distressed investing, according to news reports.

Edens said: We recognize that these dynamic markets require the firm's principals to be singlemindedly focused on investments.

Email a friend

Please complete the form below.

Required fields *

Facelift for Fortress

This content is for Subscribers only

Existing Users Log In

Email a friend

Please complete the form below.