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), 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.