Narrowing the moat

11 August 2008 By Lauren Silva

The hedge fund has given top trader Adam Levinson a $300m options package. That aligns his interests more closely with shareholders. But his pay is also now tied less directly to his fund s performance. This highlights a conflict between fund managers and limited partners.

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In April this year Fortress granted 31m Fortress units to a senior employee, according to a filing. Cochief investment officer and top trader Adam Levinson is the employee, according to a person familiar with the matter. In connection with the grants, the employee will reduce his profit sharing interest in Fortress' funds.

Fortress's shares are currently at $10.16 a share, slightly off their alltime low of $8.38 a share. The hedge and private equity fund manager went public in February 2007.

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