Fortress aims to multiply assets, expand into private wealth management, insurance
Date
7/24/2024 4:53:33 AM
(MENAFN) Fortress investment Group, a US financial investment firm backed by Mubadala, has announced its ambitious plan to double its assets under management to USD100 billion as it ventures into the private wealth management and insurance sectors. Co-chief executive Drew McKnight emphasized the necessity of asset growth to remain competitive with industry giants like Ares, Apollo, and Sixth Street. "For us to compete with the big players, we need to continue to grow our assets because if we don’t, we’re less relevant to the market," as informed by McKnight.
Fortress aims to position itself as a primary financial support for companies by offering small loans, purchasing preferred shares, structured securities, and various other financing tools. McKnight noted that there is a growing preference among partners for fewer funding relationships, positioning Fortress favorably in this context. He elaborated on the firm's commitment to creating superior products for its limited partners by enhancing access to funding and aligning more closely with market needs.
In a strategic move last month, Fortress management and Mubadala completed the acquisition of 90% of Fortress shares previously owned by Japanese telecom giant SoftBank. This acquisition is seen as a pivotal step in Fortress’s mission to achieve significant returns for investors while expanding its influence and capabilities in the financial sector.
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