Fortress Planning Buying Binge: Report - TheStreet

Fortress Planning Buying Binge: Report

Fortress Investment Group plans to execute a new acquisition strategy, led by recently named CEO Daniel Mudd, a report says.
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Fortress Investment Group

(FIG)

, led by newly named CEO Daniel Mudd, plans to go on a buying spree, a report says.

Mudd will lead an acquisition strategy that could see the private-equity and hedge fund firm buy other financial companies including banks, insurers, traditional money management groups and other hedge funds, the

Financial Times

reports.

Wesley Edens, the firm's founder, told staff this week the company could buy other hedge funds and the assets of funds that are being wound down, the

Financial Times

reports.

Fortress also is expected to join the group of investors extending $3 billion in rescue funding to troubled commercial lender

CIT Group

(CIT) - Get Report

, the newspaper reports, citing people familiar with the matter.

Edens said Mudd, the former chief of

Fannie Mae

(FNM)

, would direct Fortress's acquisition strategy.

Mudd's appointment as CEO is effective Aug. 11.