Stuart Bohart wasted little time in putting his stamp on Fortress Investment Group LLC's hedge fund unit.
Mr. Bohart, who joined Fortress in October as president of liquid markets and senior managing director-strategy, already has launched one new hedge fund and has tentative plans to start two more this year, as well as four hedge funds and one long-only fund by the end of 2012.
Mr. Bohart's 13 years at Morgan Stanley Investment Management, New York, included a two-year stint as head of alternative investments and two years in his final role there as co-head of the $400 billion investment management division.
Mr. Bohart left MSIM in June 2010. At the age of 44, he spent the rest of that summer contemplating retirement from the money management industry, but found Fortress Group's offer to expand its hedge fund business too compelling to pass up.
“This is a big change for me from co-heading Morgan Stanley's investment operation, but I decided that I wanted to be at a more entrepreneurial, independent money manager,” Mr. Bohart said in an interview from the company's New York headquarters.
In filling the new roles for Fortress, Mr. Bohart is responsible for the non-investment activities of a much smaller entity residing in a larger, diversified alternative investment firm.
Fortress managed a total of $43 billion as of March 31, with $4.8 billion in four liquid hedge funds; $13.2 billion in private equity; $12.5 billion in less liquid credit hedge and private equity funds; and $12.5 billion in long-only strategies run by Logan Circle Partners.
Fortress Group has had roots in private equity since its founding in 1998 by Wesley R. Edens, principal and co-chairman; Randal A. Nardone, principal and director; and Robert I. Kauffman, principal and director.
In 2002, the firm expanded its investment lineup when Peter L. Briger Jr., principal and co-chairman, joined to head credit investment strategies, and Michael E. Novogratz, principal, director and co-chief investment officer of macro strategies, was brought in to launch the hedge fund Drawbridge Global Macro Fund Ltd.