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NY Hedge Fund Announces Retirement of Co-Founder

Dec 26, 2012
Jing Chen

Hedge fund firm Fortress Investment Group announced the retirement of its co-founder and principal Monday.

New York-based Fortress said in a statement that in conjunction with Robert Kauffman’s departure, the firm will purchase all of his shares in the company, totaling approximately $180 million. Fortress will fund the transaction through a combination of cash and a 14-month note.

An executive at Fortress who chose to remain anonymous told eVestment that the redemption of Kauffman’s shares is a “great transaction for shareholders and [for Kauffman].”

Founded in 1998, Fortress has approximately $50 billion in assets under management.

Sources:

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