Key Takeaways
- • Fortress Investment Group LLC announced the formation of Fortress Private Wealth Solutions, a new business to distribute alternative investment products to retail and high-net-worth individuals, according to a Business Wire release.
- • The new business sits within Fortress's Credit and Real Estate business, which manages over $45 billion across alternative asset classes for institutional investors.
- • Co-heads Nils Wilson and Adam Bobker will oversee strategy, product development and distribution, reporting to Todd Ladda, Fortress Global Head of Capital Formation and Investor Relations.
- • Products will be distributed through wirehouses, private banks, registered investment advisors (RIAs) and independent broker/dealers, supported by a dedicated internal sales and marketing team.
- • Fortress reported $45.7 billion in assets under management as of September 30, 2022, across over 1,900 institutional clients and private investors.
Summary
Fortress Investment Group LLC ("Fortress") has announced the formation of Fortress Private Wealth Solutions, a business designed to bring the firm's institutional-grade alternative investment expertise to individual investors seeking greater access to private markets, according to a Business Wire release. The firm described demand from individual investors for alternative products and for the risk and return profiles typically found in private markets as having increased dramatically.
The new business is part of Fortress's Credit and Real Estate business, which manages more than $45 billion across a broad range of alternative asset classes on behalf of institutional investors. Fortress Private Wealth Solutions will be co-headed by Managing Directors Nils Wilson and Adam Bobker. Wilson joined Fortress in 2005 and has been a Managing Director in the Capital Formation Group since 2010. Bobker joined Fortress in November 2022 after more than two decades at BlackRock, where he most recently served as Managing Director and Head of the Private Wealth Advisory Group and Alternative Investment Sales. Both report to Todd Ladda, Fortress Global Head of Capital Formation and Investor Relations.
Products created and managed by the new business and its affiliates will be distributed through agreements with leading wirehouses, private banks, RIAs and independent broker/dealers. Third-party distribution will be supported by a dedicated internal sales and marketing team alongside regional sales executives. Key early hires include Rich Lesser, Managing Director and head of External East Coast Sales, and Jerome Hayden, Senior Vice President and head of the internal sales desk. Fortress expects to announce additional sales and marketing appointments in the coming months.
Fortress, founded in 1998, describes itself as a leading, highly diversified global investment manager with strategies spanning credit and real estate, private equity and permanent capital. The release did not disclose seed capital, fund sizes or target product launch timing.
The new business is part of Fortress's Credit and Real Estate business, which manages more than $45 billion across a broad range of alternative asset classes on behalf of institutional investors. Fortress Private Wealth Solutions will be co-headed by Managing Directors Nils Wilson and Adam Bobker. Wilson joined Fortress in 2005 and has been a Managing Director in the Capital Formation Group since 2010. Bobker joined Fortress in November 2022 after more than two decades at BlackRock, where he most recently served as Managing Director and Head of the Private Wealth Advisory Group and Alternative Investment Sales. Both report to Todd Ladda, Fortress Global Head of Capital Formation and Investor Relations.
Products created and managed by the new business and its affiliates will be distributed through agreements with leading wirehouses, private banks, RIAs and independent broker/dealers. Third-party distribution will be supported by a dedicated internal sales and marketing team alongside regional sales executives. Key early hires include Rich Lesser, Managing Director and head of External East Coast Sales, and Jerome Hayden, Senior Vice President and head of the internal sales desk. Fortress expects to announce additional sales and marketing appointments in the coming months.
Fortress, founded in 1998, describes itself as a leading, highly diversified global investment manager with strategies spanning credit and real estate, private equity and permanent capital. The release did not disclose seed capital, fund sizes or target product launch timing.
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