Fortress Investment Group was founded in 1998. Its headquarters are based in New York and its co-founder is Wes Edens. The company’s motto is to give its investors returns that are risk adjusted. As of 2018, the company has assets worth $41.4 billion, about 1750 clients and investors and 915 employees. Fortress Investment Group has closed its macro hedge fund because of the drag caused on the firm. Investments in Brazil have dropped by 17% that is from $88 billion to $ 1.6 billion.
Due to the closure of the hedge fund some important members of Fortress Investment Group like Mr. Novogratz who headed the hedge fund. This fall in the hedge fund investments has not only affected FIG but also others like Greenlight Capital Inc. and Pershing Square Capital Management. However other companies like the central bank of America and Japan are counting their profits. The drop is due to the decline in the investment status of Brazil thus making more companies in Brazil to rethink their investments. Read the article about Fortress at The Wall Street Journal.
As of this month, the company has collaborated in an investment with Richard Branson to build the first intercity passenger train in the United States, Virgin Brand. Richard Branson has taken a step to invest in the project but all the work will be left to Fortress Investment Group. The existing Brightline will change its name to Virgin Trains and thus use the resources and marketing techniques of Virgins for any future requirements. The projects main aim is to revive train travel in USA. Brightline has the plans of branching to Tampa and Orlando, scheduled to begin next year.
As of now, Brightline operates between Miami, Fort Lauderdale, and West Palm Beach. Wes Edens also reports that there are hopes of finding a market for the rail in Atlanta, Houston, and Dallas among others. However, thou Brightline will change its name it will still retain its executive team and have the help of the Fortress Investment Group. virgin’s investment will just be to help own some shares in the company just as it has done with many more companies in the united states.