Fortress Investment Group has replaced D.B. Zwirn as the manager of D.B. Zwirn's funds and accounts.
Fortress Investment Group has replaced D.B. Zwirn as the manager of D.B. Zwirn's funds and accounts.
The funds will be renamed the Fortress Value Recovery Funds I.
The transaction, which is estimated to add approximately USD2bn of assets under management to Fortress, was approved by D.B. Zwirn investors.
Certain members of D.B. Zwirn's management team and approximately 100 of its professionals have joined Fortress or will be providing services to the company.
Fortress is a global alternative asset manager with approximately USD26.5bn in assets under management as of 31 March 2009.
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