Monday, May 27, 2024

Fortress enters multi-manager space with PineBridge platform

Fortress Investment Group is entering the hotly-contested multi-manager space by buying a platform from PineBridge Investments and hiring Balyasny’s former global equities chief to lead it.

The $44.7bn New York manager, which is part owned by Mubadala, said Jeff Runnfeldt would take on the CIO role at the newly renamed Fortress Multi-Manager Group (MMG) next October.

The platform was founded by PineBridge Investments in partnership with BMO Global Asset Management in 2021. Todd Rapp, head of the platform since the start, has been named CEO of Fortress MMG.

Runnfeldt was global head of equities at Balyasny Asset Management in his most recent role and previously spent more than a decade at Citadel over two spells.

“We look forward to providing investors with the benefits of a liquid, diversified and market neutral approach to multi-manager investing,” said Fortress co-CEOs Drew McKnight and Josh Pack.

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