Fortress Adds $12 Billion in Assets With Acquisition of Logan Circle
Fortress Investment Group (FIG) completed its acquisition of fixed income asset manager Logan Circle Partners this week. The addition of Logan brings traditional strategies to Fortress’s investment management platform. Logan specializes in “portfolios for institutional investors in strategies that include core/core plus, short, intermediate and long duration, corporate and high yield.”
The agreement stipulates that Fortress Investment Group “will pay approximately $21 million in cash with the potential for an additional payment at the end of 2011, contingent on the growth and performance of Logan Circle’s business.” Fortress CEO Daniel Mudd commented, “We are pleased to complete the acquisition of Logan Circle, which will enable Fortress to better meet the evolving needs of our global investors through a broader range of credit investment opportunities.”
Logan Circle was founded by Managing Partner Jude Driscoll who was previously the CEO of Delaware Investments. In 2007 Logan announced the successful closing of an agreement with Delaware Investments to transition members of Delaware’s fixed income team to the firm. Before the Fortress transaction, Logan was a joint venture between its employees and Guggenheim Partners LLC
Commenting on the acquisition, Jude Driscoll stated:
While our investment approach and the day-to-day operations of Logan Circle will remain the same, Fortress’s size and global infrastructure, along with its intellectual capital and transaction flow will meaningfully enhance our ability to build our platform.
Mr. Driscoll and other senior leadership will report to Daniel Mudd, but will continue to manage the business’s day-to-day affairs.
Disclosure: No Positions
Similar Posts:
- Cooper Buys Gitiesse
- Symantec Wraps Up Clearwell Deal
- Weisel Accused of Fraud
- Comerica Nears Sterling Merger
- St. Jude EPS Beats, Raises View
