Opalesque Industry Update - Fortress Investment Group LLC (NYSE: FIG) announced that Thomas
Chan-Soo Kangwill join the firm as President, Fortress Asia. Mr.
Kang will become a member of Fortress's management committee and will
have responsibility for business development, capital formation,
strategy and management/administration in the Asia region. Mr. Kang will
be based in Fortress's newly opened Singapore office, and will report
directly to Fortress CEO, Daniel Mudd.|
"Tom's role underscores our deep commitment to the region and will support the continued strategic expansion of our Asia business," said Mudd. "Tom brings an exceptional depth of experience to our team, including building and running major investment companies and establishing one of Korea's first domestic private equity funds. I am confident that Tom's contributions will help us achieve our objectives of bringing more Fortress capabilities to a growing base of investors in Asia and capitalizing on the exceptional investment opportunities we see in the region."
Mr. Kang has over 25 years of experience in the investment management industry, and served most recently as CEO of Kang & Company, an investment firm. Prior to founding Kang & Company, he served as Chairman and CEO of Seoul Securities, a Korea-based investment firm that was majority-owned by Soros Fund Management LLC. Under Mr. Kang's leadership, Seoul Securities expanded from a retail-focused brokerage firm into a full-service investment management company with investment banking and money management capabilities.
Before joining Seoul Securities, Mr. Kang served as a Managing Director at BT Wolfensohn, where he specialized in mergers and acquisitions, focusing on financial services companies. He also served as a member of the boards of SK Holdings, KB Financial Group and the Bloomberg Asia-Pacific Advisory Board.
Fortress recently announced the establishment of an office in Singapore, which will serve as a key hub of the firm's investment and business development activities in Asia. Adam Levinson, Co-CIO of the firm's flagship macro funds, will lead Fortress's Asia-specific macro trading activities from Singapore beginning in early 2011. The company also has established investment and capital formation teams in Tokyo and Sydney. In June 2010, Fortress closed its first yen-denominated opportunity fund at its cap of $800 million.