Fortress Hires Goldman Sachs’s Rosenberg for Gaming DebtDevin Banerjee
Fortress Investment Group LLC, the first publicly traded hedge-fund and private-equity manager in the U.S., hired Adam Rosenberg from Goldman Sachs Group Inc. to lead credit investments in gaming and leisure companies.
Rosenberg, who was global head of gaming investment banking at Goldman Sachs, spent 16 years at the New York-based investment bank, according to a statement today. Previously he was a lawyer at Skadden Arps Slate Meagher & Flom LLP.
Fortress has been hiring from Wall Street as banks struggle to retain senior staff amid lower pay and heightened scrutiny from regulators. Earlier this year it hired Jeffrey Feig from Citigroup Inc. to be co-president of the liquid markets business with Mike Novogratz, and the firm hired former Deutsche Bank AG currency trader Christopher Faly for the group. Fortress also hired Rajeev Misra, UBS AG’s former co-head of fixed income, and Adam Siegel, a former trader at Royal Bank of Scotland Group Plc. Siegel will work with Michael Nierenberg, who joined from Bank of America Corp. last year.
Fortress’s main macro hedge fund lost 2.3 percent last month and 5.8 percent this year, according to a regulatory filing this week. The firm is doing better in its credit-focused strategies, with the Drawbridge Special Opportunities Fund rising 0.6 percent in July to lift its 2014 gain through that month to 6.4 percent, according to the filing.
Fortress, based in New York, rose 0.4 percent to $7.31 at 10:53 a.m. in New York. The stock is down 60 percent since the company’s February 2007 initial public offering.