Fortress loses $4.5B in redemption requests

Fortress Investment Group LLC has seen more than $4.5 billion in redemption requests from clients in the year ended Sept. 30, the giant hedge fund reported in its quarterly statement yesterday.
NOV 14, 2008
Fortress Investment Group LLC has seen more than $4.5 billion in redemption requests from clients in the year ended Sept. 30, the giant hedge fund reported in its quarterly statement yesterday. Fortress had $34.3 billion in assets under management at the end of that quarter. New York-based Fortress posted a third-quarter loss of $57 million, or 66 cents per share (InvestmentNews, Nov. 13). Fortress's Drawbridge Global Macro funds lost 13.5% this year through Sept. 30 and its Special Opportunities funds fell 7.2% for the nine-month period ended Sept. 30.

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